Brandon Quittem Profile picture
Bitcoin is the Mycelium of Money | Currently building @SwanBitcoin | Host Bitcoin Meetups in Minneapolis @BitcoinersMPLS
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5 Dec 20
1/ #Bitcoin grows in “hype cycles” that mimic fungal reproduction.

We’ve entered "Stage 2: Mushroom" (bull market)

Quick thread 👇
2/ Fungi 101 (for the uninitiated)

Fungi primarily exist as "mycelium." Think underground internet that connects a forest to create a super-organism

Fungi reproduce by producing mushrooms that release spores (~seeds)

Lucky spores create new fungal colonies & cycle continues
3/ Stage 1: Bear Market (Mycelium)

Majority of a fungus' life is underground. Quietly mining resources and trading with neighbors

Most of bitcoin’s life is boring (no hype). However, the hodlers underground are learning, self-custody, running nodes, building businesses, etc
Read 8 tweets
14 Nov 20
1/ A quick thread about #Bitcoin and the power of incentives.

For Bitcoin to reach global dominance, it must inspire a vibrant ecosystem of allies.

"Show me the incentives, and I'll show you the outcome."

Let's go 👇
2/ Bitcoin attracts new users for many reasons

- Get wealthy
- Stay Wealthy
- Preserve Freedom
- Minimize violence
- Empower the poor
- Increase prosperity in the world

Users are incentivized to defend the network, improve the network, and onboard new users to the network
3/ Investors buy Bitcoin to generate wealth.

"Bitcoin was designed to pump forever" - @matt_odell

Bitcoin is the best trade of the century. Will be obvious in hindsight. Massive wealth transfer coming.
Read 23 tweets
29 Oct 20
1/ We've entered the "Fourth Turning."

The final act in a drama beginning at the end of WWII.

The old social order combusts and gives birth to new political, social, and economic structures. Let's explore through a #Bitcoin lens

brandonquittem.com/bitcoin-rhythm…

Thread 👇
2/ This essay expands on concepts presented in The Fourth Turning by @HoweGeneration.

Economic inequality, failing institutions, cultural decay, and the rise of populism were all predicted (and are easily explained) by this theory.

Let's dive in...
3/ Modern humans view time as a linear phenomenon. A steady march of progress.

However, life doesn’t progress linearly. Instead, it follows a natural rhythm, a circle of life if you will.
Read 25 tweets
19 Sep 20
“Half of the $MSTR board already owned Bitcoin personally before I started pitching it as our reserve asset.” — @michael_saylor

H/t recent @RealVision interview
“Every treasury asset has a negative real yield, except for Bitcoin” — Michael Saylor
“No one who actually understands bitcoin only puts in 1%” — Michael Saylor
Read 17 tweets
17 Jun 20
1/ A quick thread exploring 12 Reasons to Buy Bitcoin.

Let's go 👇
2/ Bitcoin is the performing asset of the last decade.

How could you not own the best performing asset of the last decade?

Not even .1%, seriously?
3/ Bitcoin thrives on uncertainty/chaos.

We’re halfway through 2020 and it feels like a decade has gone by.

Bitcoin was born for this.
Read 13 tweets
24 Apr 20
1/ Bitcoin is a catalyst of human evolution.

Just as fungi and plants formed a symbiotic relationship to colonize dry land, humans can form symbiosis with Bitcoin to improve as individuals and to advance our species.

Part 4: Symbiosis

medium.com/@BrandonQuitte…

Thread 👇
2/ Bootstrapping life on dry land

500m years ago, all life was in the ocean. Dry land was devoid of life, until plants + fungi formed a partnership.

This symbiosis created a cascade of evolutionary forces leading to the creation of all terrestrial life, including homo sapiens
3/ Fungi effectively domesticated photosynthesis machines (algae) to harness a self sustaining food source.

We can think of these algae as little solar panels bolted onto fungal networks which made colonizing virgin dry land possible.
Read 25 tweets
12 Jan 20
1/ Just finished reading Mycophilia by @eugeniabone — here’s a thread of fun #fungi facts 👇
2/ Chlorophyll in plants convert sunshine into chemical energy to feed the plant.

Some fungi convert subatomic particles (including nuclear waste) into chemical energy to feed the fungi.

Reminder: bitcoin converts energy into money to feed the network.
3/ Why do leaf cutter ants collect leaves? Decoration?

Combining leaves + a few things laying around the house ( saliva, feces, bacteria) they create a compost farm providing food for the colony. The fungi benefit from life without competition.

Whose farming who?
Read 31 tweets
7 Jan 20
1/ If central bankers stayed in their lanes and governments didn't weaponize currencies... there would be little need for Bitcoin.

yet, here we are...

“Complex systems are weakened, even killed, when deprived of stressors.”
@nntaleb
2/ Bitcoin is optimized for survivability/durability.

Competing for the immense privilege of money production necessitates a defensive posture.

Relative to all other monetary technologies, Bitcoin is an extreme example of an antifragile system.
3/ In the short term... it's easy to assume optimizing for survivability holds bitcoin back.

"why don't we just add more op codes, increase block size, add Confidential transactions"

Tempting, but the risk to undermine bitcoin’s assumptions is too great.
Read 5 tweets
27 Sep 19
1/ Considering writing an article on Bitcoin?

Here are some content ideas, please steal them, and add your own ideas below.
2/ Millennial's Guide to Bitcoin

*Get in their head. Speak in their language. Boomers borrowed against your future, too much student debt, can't buy land, this is your best chance to be wealthy, who cares about a shiny rock, buy bitcoin.
3/ Goldbug's Guide to Bitcoin

*Should probably be written by a goldbug, former bitcoin skeptic, recently converted. Should be "gold AND bitcoin."
Read 18 tweets
20 Jun 19
1/ Bitcoin is the Antivirus that prevents the spread of our destructive financial hegemony. Can Bitcoin survive long enough to reach its full potential? Let’s explore Bitcoin’s survivability through the lens of fungi.

Part 3: Mushroom Medicine

medium.com/@BrandonQuitte…

Thread 👇
2/ Bitcoin potential: sound money & social scalability.

This drama will take decades. What if Bitcoin doesn’t survive long enough to reach it’s potential?

Satoshi learned from failed attempts at private money. Bitcoin’s genetic code was engineered for maximum survivability.
3/ We’ve seen a 70% decline in Honey Bees since 2005. Mainly due to viruses spread by Varroa Mites.

Without Bees, say goodbye to almonds, avocados, etc.

If we lose the bees, there are countless downstream effects: lost jobs, destroyed ecosystems, and reduced food security.
Read 25 tweets
10 Jun 19
1/ A quick thread exploring Bitcoin’s survivability.

Any cryptocurrency that cannot (feasibly) survive a nation-state level attack is pointless. Simply delaying their inevitable demise.

Let’s go 👇
2/ Bitcoin is unregulatable.

No one person or entity in charge. Code is free speech. Each country has their own competing jurisdiction.
3/ Game theory protects Bitcoin from a global coordinated attack.

Nation states compete with each other. Unlikely to see top nations cooperate.

If the US bans BTC, China has incentive to adopt. Nations not benefiting from the current USD regime have incentive to adopt BTC.
Read 10 tweets
27 Jan 19
1/ Just re-read “Shelling Out: The Origins of Money” by @NickSzabo4

An absolute must read: nakamotoinstitute.org/shelling-out/

Here's a thread summarizing what I learned 👇
2/ Abstract: "The precursors of money, along with language, enabled early modern humans to solve problems of cooperation that other animals cannot – including problems of reciprocal altruism, kin altruism, and the mitigation of aggression...."
3/ England forced their 17th century American colonies to use fiat (coinage in short supply). Then Colonists discovered a better money - Native American Wampum (durable clam shells) and stopped using fiat. Finally, England issued coinage, and colonists dumped their Wampum bags.
Read 25 tweets
10 Jan 19
1/ Time to shine a light on Bitcoin’s informal governance, often called a “culture war.”

Let's explore “in-fighting,” lessons learned from failed forks, dispel forking FUD, and highlight benefits of Bitcoin’s informal governance.

New essay:
cryptomenow.com/bitcoin-cultur…

Thread 👇
2/ TL;DR: Bitcoin culture wars are a net positive.

A necessary mechanism to market test ideas. Failed divergences minimize attack surface and refine the core message. Ultimately this lowers user acquisition cost. Failed attempts become battle scars. Makes bitcoin stronger.
3/ Bitcoiners generally agree upon the important stuff: 21m supply cap, censorship resistance, ease of verification.

However, mutually exclusive ideologies emerge, ie: “cheap payments on base layer” vs “decentralization of node operators.”

When visions collide? Culture wars.
Read 18 tweets
28 Dec 18
1/ Bitcoin is a social phenomenon with many parallels the mushroom. Bear market blues got you down? Let’s explore Bitcoin hype cycles, Ethnomycology, and the Cult of Satoshi.

Part 2: Mushrooms

medium.com/@BrandonQuitte…

Thread 👇
2/ In my previous article, “Bitcoin is a Decentralized Organism” we explored bitcoin through the lens of mycelium. Decentralized consensus, the network archetype, adapting to environmental stimuli, arbitrage, bitcoin's role in ecology (immune system).

3/ Our fungi story is not yet complete. Next stage in fungal life cycle is to produce mushrooms (reproduction organs). After maturation, mushrooms release tiny mushroom seeds (spores) capable of producing new life. This parallels hype cycles in bitcoin.

Read 40 tweets
12 Dec 18
1/ Bitcoin is a decentralized super-organism made of individually replaceable cells that share aligned incentives. Some of Bitcoin's best traits are simply copied from the Fungi Kingdom. Let's explore this...

Part 1: Mycelium

medium.com/@BrandonQuitte…

Thread 👇
2/ Bitcoin appears superficially simple at first glance, however true understanding is difficult. Observers are easily seduced into making hasty assumptions. Competing narratives make it even harder (digital gold, fintech revolution, etc).

@nic__carter
medium.com/@nic__carter/v…
3/ “What is bitcoin?” Like Fungi, bitcoin is a super-organism adapting to environmental stimuli, it unlocks stranded resources through PoW, absorbs proven competitor's advantages, and occupies a similar ecological role: the immune system.
Read 40 tweets
30 Mar 18
1/ Just condensed The Internet of Money Volume 2 by @aantonop into 45 tweets.

PART 1:
2/ Children born today will likely never:

1) Have a bank account
2) Have a driving license
3) Use paper money
3/ Before Bitcoin…

-You didn’t care about securing your photos
-Didn’t care that your location was tracked everywhere you went
-Didn’t care about posting your life on Facebook
-You used the same password “password 123” for all 17 accounts
-You didn’t know what 2FA was
Read 45 tweets