#Bitcoin is such a big f**king deal because it's solving 2 massive problems SIMULTANEOUSLY.
Here are some basic musings on #Bitcoin while sitting at the firehouse on a Sunday.
A 15 part thread 🧵.
(h/t @saifedean's Fiat Standard for sparking these ideas)
1/15
Here are some basic musings on #Bitcoin while sitting at the firehouse on a Sunday.
A 15 part thread 🧵.
(h/t @saifedean's Fiat Standard for sparking these ideas)
1/15
Even if you've been in #BTC for a substantive period of time, it's helpful to work back to fundamentals and revisit your thesis.
Things that once blew your mind 🤯 come to seem mundane or regular when ur inhaling as much content as most serious Bitcoiners do.
2/15
Things that once blew your mind 🤯 come to seem mundane or regular when ur inhaling as much content as most serious Bitcoiners do.
2/15
In my mind, what's remarkable about the #Bitcoin protocol it that it represents two MASSIVE & SIMULTANEOUS discoveries
...And it's timing for reaching these discoveries is near perfect.
3/15
...And it's timing for reaching these discoveries is near perfect.
3/15
MASSIVE DISCOVERY #1:
#Bitcoin allows for NEAR INSTANT GLOBAL FINANCIAL SETTLEMENT via a completely trustless & cyber monetary network.
4/15
#Bitcoin allows for NEAR INSTANT GLOBAL FINANCIAL SETTLEMENT via a completely trustless & cyber monetary network.
4/15
As economies of scale have grow exponentially more GLOBAL & DIGITAL, it seems all but assured value transfer in the 3rd millennium will move to the rails of the internet.
5/15
5/15
The internet protocol suite ate virtually all INFORMATION transfer...
...another protocol will at some point subsume virtually all VALUE transfer.
(h/t @Croesus_BTC)
6/15
...another protocol will at some point subsume virtually all VALUE transfer.
(h/t @Croesus_BTC)
6/15
Put simply, there is virtually a zero probability in my mind that in the year 2140, banks from around the world will be reaching final settlement in days to weeks via the SWIFT network...while using nearly 200 different fiat currencies...all with different exchange rates.
7/15
7/15
What I've described above will seem as anachronism to our offspring as horse & buggy feel to us today.
Technologies present in the digital age provide the opportunity to disintermediate & expedite the transfer of value.
This WILL happen...just a matter of when & how.
8/15
Technologies present in the digital age provide the opportunity to disintermediate & expedite the transfer of value.
This WILL happen...just a matter of when & how.
8/15
When u understand how the #BTC protocol & network function, u realize it supplies the infrastructure needed to onboard the ENTIRE global financial system.
It currently carries $1T, & it's architecture is robust enough to carry hundreds more...with NOBODY in control.
9/15
It currently carries $1T, & it's architecture is robust enough to carry hundreds more...with NOBODY in control.
9/15
MASSIVE DISCOVER 2:
In addition to supply a venue for instant, global, digital & trustless value settlement, #BITCOIN also happens to be THE DISCOVERY OF ABSOLUTE SCARCITY.
10/15
In addition to supply a venue for instant, global, digital & trustless value settlement, #BITCOIN also happens to be THE DISCOVERY OF ABSOLUTE SCARCITY.
10/15
The free market selected gold over thousands of yrs due to its soundness & inflation resistance. As economies grew larger & more global in the 20th c., Gold succumbed to the advent of Fiat currency due to its shortcomings of divisibility & portability.
(h/t @Breedlove22)
11/15
(h/t @Breedlove22)
11/15
#Bitcoin "one ups" gold's scarcity via mathematical, algorithmic supply schedule.
For the first time, mankind has "discovered" an asset with supply that is COMPLETELY inelastic...totally unresponsive to increase in demand.
12/15
For the first time, mankind has "discovered" an asset with supply that is COMPLETELY inelastic...totally unresponsive to increase in demand.
12/15
As @saifedean says...
"History shows it is not possible to insulate yourself from the consequences of others holding money that is harder than yours."
—The Bitcoin Standard
13/15
"History shows it is not possible to insulate yourself from the consequences of others holding money that is harder than yours."
—The Bitcoin Standard
13/15
This discovery of scarcity in digital form is particularly opportune given the macro backdrop of unprecedented debt levels, currency debasement & mathematically assured high inflation.
The timing is RIPE for store of value assets,
particularly those w/ supreme liquidity.
14/15
The timing is RIPE for store of value assets,
particularly those w/ supreme liquidity.
14/15
COMBINE THESE 2 DISCOVERIES:
#Bitcoin is poised to operate as the most salable & transferable asset in human history ACROSS BOTH TIME AND SPANCE
...And it's doing both at a period when the world desperately needs this innovation.
Follow the Incentives.
15/15
#Bitcoin is poised to operate as the most salable & transferable asset in human history ACROSS BOTH TIME AND SPANCE
...And it's doing both at a period when the world desperately needs this innovation.
Follow the Incentives.
15/15
Correction: "TIME AND SPACE"
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