jtown on Nostr: I think alot of people approach bitcoin and the whole idea of it with the same ...
I think alot of people approach bitcoin and the whole idea of it with the same "diversification" attitude commonly used in index investing.
"Bitcoin won't be the only winner here, diversify!"
Leads to buying different shitcoins and drinking the kool-aid of different "use-cases".
"Bitcoin has THAT use-case but shitcoin XYZ has THIS use-case!"
Without an understanding of Austrian Economics or even grasping fundamental properties of how blockchains work it's easy to fall for this logic.
The fight bitcoin is fighting is the individual vs collective.
Freedom vs Tyranny.
The features it refuses to give up is decentralization and censorship resistance.
The reason individuals will trust bitcoin over everything is because of these features.
If your shitcoin traded off the decentralization and censorship resistance of the network for transaction speed and ability to adapt faster to market trends.
It is no longer long term trustworthy.
Individuals will not trust it, therefore it is doomed.
"Bitcoin won't be the only winner here, diversify!"
Leads to buying different shitcoins and drinking the kool-aid of different "use-cases".
"Bitcoin has THAT use-case but shitcoin XYZ has THIS use-case!"
Without an understanding of Austrian Economics or even grasping fundamental properties of how blockchains work it's easy to fall for this logic.
The fight bitcoin is fighting is the individual vs collective.
Freedom vs Tyranny.
The features it refuses to give up is decentralization and censorship resistance.
The reason individuals will trust bitcoin over everything is because of these features.
If your shitcoin traded off the decentralization and censorship resistance of the network for transaction speed and ability to adapt faster to market trends.
It is no longer long term trustworthy.
Individuals will not trust it, therefore it is doomed.