brock on Nostr: Support in what way? I think pure bitcoin businesses are missing the plot. The market ...
Support in what way? I think pure bitcoin businesses are missing the plot. The market isn’t there for a lot of this. There just isn’t enough profit in the utilization of pure bitcoin businesses to justify supporting bitcoin only companies.
The path for bitcoin adoption, in my opinion, is companies deploying the treasury reserve strategy, first. You’ve got to get incredibly efficient in your operations and nothing sharpens the pencil better than bitcoin.
Next, in whatever industry that business operates, it should look for ways to build products / services / monetization using bitcoin. Cantor Fitzgerald should build an awesome multisig custodian product. ExxonMobil should mine bitcoin. Apple should build Lightning into Apple Pay. Etc. Etc. ad nauseam.
But the problem with artificially low interest rates for 50 years is that we have overbuilt so much capacity. There is so much unnecessary stuff out there. And outside of buying / selling bitcoin because it protects your purchasing power and can be sent digitally, there is a huge disconnect between the value proposition afforded by bitcoin and the opportunity cost of doing almost anything…let alone trying to build something into this economy with a wildly overbuilt capacity.
I supported Swan as the first bitcoin only exchange that I was introduced to. As they got shadier and shadier, I transitioned to River. But River’s spreads are absurd and I feel like I am getting robbed every time I buy / spend. I would love to support Unchained Capital but their loan products are fucking highway robbery (no fault of their own…the market just isn’t there for “normal” stacks to monetize without spending their bitcoin). But one has to ask, is a bitcoin only company the right one to offer bitcoin collateralized loans? Or is Cantor Fitzgerald? Or JP Morgan? Or my local credit union?
Bitcoin only is a thing because of how rich the early adopters got … and props to them, with no sass or sarcasm. But the market is demanding that other, existing businesses innovate Bitcoin solutions that are still in their infancy. Bitcoin VC is just VC that has no moat once the big boys decide to enter the game.
Bitcoin only is a way to keep the culture alive. Which has value. But if I am allocating capital, I would just buy bitcoin and advocate to my professional and personal circles. Because in the end, hodling does the same thing.
The path for bitcoin adoption, in my opinion, is companies deploying the treasury reserve strategy, first. You’ve got to get incredibly efficient in your operations and nothing sharpens the pencil better than bitcoin.
Next, in whatever industry that business operates, it should look for ways to build products / services / monetization using bitcoin. Cantor Fitzgerald should build an awesome multisig custodian product. ExxonMobil should mine bitcoin. Apple should build Lightning into Apple Pay. Etc. Etc. ad nauseam.
But the problem with artificially low interest rates for 50 years is that we have overbuilt so much capacity. There is so much unnecessary stuff out there. And outside of buying / selling bitcoin because it protects your purchasing power and can be sent digitally, there is a huge disconnect between the value proposition afforded by bitcoin and the opportunity cost of doing almost anything…let alone trying to build something into this economy with a wildly overbuilt capacity.
I supported Swan as the first bitcoin only exchange that I was introduced to. As they got shadier and shadier, I transitioned to River. But River’s spreads are absurd and I feel like I am getting robbed every time I buy / spend. I would love to support Unchained Capital but their loan products are fucking highway robbery (no fault of their own…the market just isn’t there for “normal” stacks to monetize without spending their bitcoin). But one has to ask, is a bitcoin only company the right one to offer bitcoin collateralized loans? Or is Cantor Fitzgerald? Or JP Morgan? Or my local credit union?
Bitcoin only is a thing because of how rich the early adopters got … and props to them, with no sass or sarcasm. But the market is demanding that other, existing businesses innovate Bitcoin solutions that are still in their infancy. Bitcoin VC is just VC that has no moat once the big boys decide to enter the game.
Bitcoin only is a way to keep the culture alive. Which has value. But if I am allocating capital, I would just buy bitcoin and advocate to my professional and personal circles. Because in the end, hodling does the same thing.