Can't disagree with much of your assessment of the challenges and opportunities .. your reference to Woodrow Wilson was very enlightening.
I also get the stated objectives of bitcoin ... but I have yet to be convinced that it will be accepted as a mainstream means of buying goods and services. As an investment and an alternative way in which to preserve / grow wealth .. yeah, I see it , albeit one with a high risk attached to market sentiment (aka FOMO). I want you to be right but I think we have some ways to go .. and that includes chucking out many of the self-serving "get rich quick" projects.
Andrew thanks for the comment. Bitcoin skeptics often question its utility for payments, but Layer 2 (L2) solutions like Stacks, Lightning Network, and others address scalability and functionality. Stacks, for instance, enables smart contracts and decentralized applications (dApps) on Bitcoin without altering its core protocol, turning BTC into a productive asset[4]. Meanwhile, Bitcoin's native token serves as ultimate collateral and a store of value due to its fixed supply and unmatched security as the most decentralized blockchain[6][4]. As the largest global settlement layer, Bitcoin attracts applications seeking security and liquidity, ensuring continued integration and innovation on its network[4][10]. Also the recent launch of BitcoinOS has attracted other large Layer1 UTXO DeFi protocols like Cardano to publicly announce they will be a Layer2 now on top of Bitcoin Settlement and bring their entire decade of DeFI innovation and ecosystem on top of Bitcoin where ADA will also serve as a payment token with immediate real time settlement on the Bitcoin base layer. There is just far too much to cover here but the reality is that the network effects are unstoppable and the solutions and UX improvements will unlock massive activity on top of the chain and protocol in the next 5-10 years.
Thanks for taking the time to respond. It's obviously becoming less a technical issue but I think it's more a human issue anyway. Bitcoin is just not well understood and it's change. Most people don't do change well and need a"burning platform". We'll see :)
It doesn’t go to zero and it therefore can’t and won’t stay anywhere near here as every other asset gets priced in it. That’s the bet and it’s a generational end run if you believe that.
Can't disagree with much of your assessment of the challenges and opportunities .. your reference to Woodrow Wilson was very enlightening.
I also get the stated objectives of bitcoin ... but I have yet to be convinced that it will be accepted as a mainstream means of buying goods and services. As an investment and an alternative way in which to preserve / grow wealth .. yeah, I see it , albeit one with a high risk attached to market sentiment (aka FOMO). I want you to be right but I think we have some ways to go .. and that includes chucking out many of the self-serving "get rich quick" projects.
Thanks for your newsletter - always thoughtful.
Andrew thanks for the comment. Bitcoin skeptics often question its utility for payments, but Layer 2 (L2) solutions like Stacks, Lightning Network, and others address scalability and functionality. Stacks, for instance, enables smart contracts and decentralized applications (dApps) on Bitcoin without altering its core protocol, turning BTC into a productive asset[4]. Meanwhile, Bitcoin's native token serves as ultimate collateral and a store of value due to its fixed supply and unmatched security as the most decentralized blockchain[6][4]. As the largest global settlement layer, Bitcoin attracts applications seeking security and liquidity, ensuring continued integration and innovation on its network[4][10]. Also the recent launch of BitcoinOS has attracted other large Layer1 UTXO DeFi protocols like Cardano to publicly announce they will be a Layer2 now on top of Bitcoin Settlement and bring their entire decade of DeFI innovation and ecosystem on top of Bitcoin where ADA will also serve as a payment token with immediate real time settlement on the Bitcoin base layer. There is just far too much to cover here but the reality is that the network effects are unstoppable and the solutions and UX improvements will unlock massive activity on top of the chain and protocol in the next 5-10 years.
Sources
[1] Bitcoin skeptics: here's the bigger story you're missing https://ozchen.com/bitcoin-skeptics/
[2] Bitcoin's investment thesis – Hard to value - Edison Group https://www.edisongroup.com/insight/bitcoins-investment-thesis-hard-to-value/
[3] Blockchain Security: Common Issues & Vulnerabilities | NordLayer https://nordlayer.com/blog/blockchain-security-issues/
[4] Exploring Stacks: Elevating Bitcoin with Layer 2 Smart Contracts ... https://chorus.one/articles/an-introduction-to-stacks-the-bitcoin-layer-2-for-smart-contracts-apps-defi
[5] How to Craft Press Releases That Address Crypto Concerns https://www.financemagnates.com/thought-leadership/from-skepticism-to-adoption-how-to-craft-press-releases-that-address-crypto-concerns/
[6] CoinAPI Glossary - Native Token https://www.coinapi.io/learn/glossary/native-token
[7] The Importance of Blockchain Security - Chainalysis https://www.chainalysis.com/blog/blockchain-security/
[8] How would you respond to someone that says Bitcoin isn't real, it is ... https://www.reddit.com/r/Bitcoin/comments/r3ibgi/how_would_you_respond_to_someone_that_says/
[9] A Skeptic's Guide to Bitcoin - The Last Bear Standing https://www.thelastbearstanding.com/p/a-skeptics-guide-to-bitcoin
[10] Bitcoin's Native Use Cases - Babylon Labs https://babylonlabs.io/blog/bitcoin-native-use-cases
[11] From Skepticism to Integration: The Banking Sector's Evolving ... https://economics.expertjournals.com/23597704-1201/
Chris
Thanks for taking the time to respond. It's obviously becoming less a technical issue but I think it's more a human issue anyway. Bitcoin is just not well understood and it's change. Most people don't do change well and need a"burning platform". We'll see :)
Andrew
Breaking news today https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/
It doesn’t go to zero and it therefore can’t and won’t stay anywhere near here as every other asset gets priced in it. That’s the bet and it’s a generational end run if you believe that.