Zach Frey Profile picture
28 Oct, 16 tweets, 8 min read
Good thread by the excellent @ElBitcoinCoach on why #Bitcoin is special vs. other #cryptocurrencies

As you may have noticed, there are other projects I'm bullish on. @helium #ThePeoplesNetwork is a prime example

But that's because projects like @helium are finding ways to apply #blockchain usefully to real-word problems. $HNT has value because network bandwidth has value.

The price of $HNT may change because of speculation in the #cryptocurrecy market, but I expect it will never go to zero because the value of the token is backed by the value of the Helium network.

$HNT is therefore similar to the $USD back in the days of the gold standard, when American Dollars were backed by precious metal. 1 $USD = 1/35 oz of gold.

For @helium, instead of gold, you exchange $HNT for Data Credits to power your Helium network devices.

But #Bitcoin isn't like that. Bitcoin's value is backed by the trustworthiness of the Bitcoin network itself.

1 $BTC = 1 $BTC, forever.

That doesn't sound like an amazing property, but it is.


Because of inflation.

1 $USD = 1 $USD, right?

Not so fast!

The value of the dollar changes over time. Today's dollars are worth less than yesterday's, and tomorrow's will be worth even less, assuming inflation continues.

Let's say you had $1 in 1950. You would need $11.38 today to have the same purchasing power.

So, 1 $USD (1950) = 11.38 $USD (2021)


Put another way, today's dollars are worth about one-twelfth what they were 71 years ago.

The reasons for this are complicated but summed up by "money printing"

The future value of $USD can only do one of three things:

1. Continue to shrink
2. Remain stable
3. Change course and grow

Which do you want to bet on?

@jack is making his bet:

One of the primary functions of money is to be a "store of value"

I don't know about you, but I'd prefer that the money I store my value in keeps its value

instead of shrinking away like a piece of dry ice left in the sun.

Bitcoin is valuable because it digital cash that is

* Secure
* Distributed
* Immune to inflation

and these are all valuable properties.

#Bitcoin isn't the only cryptocurrency.

In fact, there are an absurd number of #cryptcurrency projects.

Per… the count is 7,800.

With more coming every day, we'll be over 10,000 before you know it.

Out of those thousands of #cryptocurrencies, why #Bitcoin ?

Short answer: field-tested and proven, with no single point of failure.

@ElBitcoinCoach explains in more detail here:

Thanks for reading this far!

I've started a Substack where I write more about #cryptocurrency and #blockchain, with special attention to #IoT projects and their real-world impact. Please subscribe!


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More from @znfrey

18 Mar
"Online church is not church"

Your simple and obvious 🔥 take of the day

Which is why my 4 most hated words of the liturgy are

"physically, or by intention"

Church ought to be *last* place the virtual and the Real gets confused.

Yet here we are.

Watching the liturgy on YouTube is *not* the same as participating in the liturgy

Any more than watching the NFL is playing football.

This is especially true for reception of the Eucharist.

You think God becomes flesh and blood so you can *watch on video*?!

"Taste and see that the LORD is good"

"For my flesh is true food, and my blood is true drink."

Read 13 tweets
16 Mar
🔥 take from @saifedean

Somewhat agree and disagree

Electric cars are unaffordable for the majority of humanity.

Fact check: TRUE

However, this is also true for gasoline vehicles.

It's only in the affluent West that "everyone must have a vehicle" has been normalized.

The general public has a distorted view of relative affordability of gasoline vs. EV vehicles because of massive subsidies, public and private, into EV development and production.

Read 18 tweets
12 Mar
@Making_of_a_Mom @tannerguzy Deliberately encourage risk-taking. Especially as a mother, it's important for you to give your children (especially boys!) room to push their boundaries and experience consequences without Mommy swooping in to keep everyone pain-free.
@Making_of_a_Mom @tannerguzy Good martial arts programs are priceless; @tannerguzy and @noufalibrahim already covered that.

Competitive team sports are good.

There's a healthy balance between "participation! yay!" and "WINNING IS EVERYTHING"
@Making_of_a_Mom @tannerguzy @noufalibrahim A good youth coach once told my kid's team

"It's not about the winning and losing. We're out here to have fun as a team.

But... let me tell you, it's a lot more *fun* when you win!"

This is a healthy balance.
Read 16 tweets
31 Aug 20
"Self-sufficiency is OPTIONALITY"

Powerful summary of good wisdom there.
Example: gardening.

Cue the Adam Smith zealots crying "efficiency!"

And the knee-jerk reaction against the word "subsistence", which everyone treats as meaning "impoverished"
But "subsistence farming" (which is what home gardens are) only means that you're growing for your own use, instead of for market sale
Read 13 tweets

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