1/9) Bitcoin is not the future of money!
BTC is terrible money, even according to the most basic definitions; Aristotle prioritized three attributes:
1. Medium of Exchange (No Capacity)
2. Unit of Account (Too Volatile)
3. Store of Value (Not Scarce or Secure)
BTC pretends: 🧵
BTC is terrible money, even according to the most basic definitions; Aristotle prioritized three attributes:
1. Medium of Exchange (No Capacity)
2. Unit of Account (Too Volatile)
3. Store of Value (Not Scarce or Secure)
BTC pretends: 🧵
2/9) Medium of Exchange:
If everyone in the world wanted to do one TX, the queue would be 40 years long...
If all current holders wanted to move their BTC, it would form a 2-month-long queue!
BTC serving as money is technically impossible & mass self-custody is a pipe dream!
If everyone in the world wanted to do one TX, the queue would be 40 years long...
If all current holders wanted to move their BTC, it would form a 2-month-long queue!
BTC serving as money is technically impossible & mass self-custody is a pipe dream!
3/9) Money that cannot be used directly at scale whatsoever is not good money at all
Aristotle knew this over 2 millennia ago, as well as almost all preceding philosophers & economists
BTC used to be a decent MoE when it promised to scale on-chain
Today, BTC only plays pretend
Aristotle knew this over 2 millennia ago, as well as almost all preceding philosophers & economists
BTC used to be a decent MoE when it promised to scale on-chain
Today, BTC only plays pretend
4/9) Unit of Account:
BTC is extremely volatile as a consequence of it being a purely speculative asset without utility (memecoin)
There is no foundation in utility that at least would create a floor for price
BTC will always be volatile & therefore; never be used for pricing!
BTC is extremely volatile as a consequence of it being a purely speculative asset without utility (memecoin)
There is no foundation in utility that at least would create a floor for price
BTC will always be volatile & therefore; never be used for pricing!
5/9) Tragically, the only way BTC can be "adopted" is through centralized custodians
As BTC itself lacks the capacity for self-custody, real finance & commerce on-chain
Fully defeating the original raison d'etre (purpose) of Bitcoin
Subverting the revolution entirely for BTC!
As BTC itself lacks the capacity for self-custody, real finance & commerce on-chain
Fully defeating the original raison d'etre (purpose) of Bitcoin
Subverting the revolution entirely for BTC!
6/9) Store of Value:
BTC is unable to sustain its security model without fees; this will lead to a total collapse in 8-12 years
Forcing BTC to increase its inflation rate beyond the 21M limit during that looming crisis
Destroying BTC's promise of scarcity & security for good!
BTC is unable to sustain its security model without fees; this will lead to a total collapse in 8-12 years
Forcing BTC to increase its inflation rate beyond the 21M limit during that looming crisis
Destroying BTC's promise of scarcity & security for good!
7/9) The security budget will continue to drop as it has over the past 5 years
When the 51% attacks & censorship begin, Core will be forced to increase the inflation rate
Forking the chain & also deepening the crisis into a potential death spiral
As the "exit door" is tiny!
When the 51% attacks & censorship begin, Core will be forced to increase the inflation rate
Forking the chain & also deepening the crisis into a potential death spiral
As the "exit door" is tiny!
8/9) That is why this crisis is likely to trigger a "bank run" type situation
Most people will not be able to move their BTC on mass, causing an even wider panic!
If this crashes price, more miners leave, closing the exit more, deepening panic;
A vicious cycle (death spiral)
Most people will not be able to move their BTC on mass, causing an even wider panic!
If this crashes price, more miners leave, closing the exit more, deepening panic;
A vicious cycle (death spiral)
9/9) This future is not what you would expect from an SoV... A disaster waiting to happen
BTC also cannot serve as an MoE at all; it is literally technically impossible!
So please spare us the sanctimonious speech about how BTC is the best money...
BTC is all lies & delusion!
BTC also cannot serve as an MoE at all; it is literally technically impossible!
So please spare us the sanctimonious speech about how BTC is the best money...
BTC is all lies & delusion!
• • •
Missing some Tweet in this thread? You can try to
force a refresh
