I’ve been collecting Bitcoin for some time now, first as speculation. As a hedge now it’s just to compete with other Bitcoiners to see how much we can get lol, whatever your reason for collecting BTC or other cryptos for that matter, none of us were doing it to secure the financial future of the planet, that is the beauty of its game theory.
BTC relies on us to be selfish; it takes our natural inclinations and puts them towards something good. The more we collect and HODL, the less there is in circulation, the lower the liquidity and the higher the price moves up.
Price movers
- The price moves up through the increased cost of mining requiring miners to sell at a higher premium.
- The price also moves up as countries continue to debase their currencies through inflation and quantitative easing.
- The price also moves up as value from other alts that die get gobbled back up into BTC.
- The price also moves up as people lose their coins over time.
All these pressures are fundamentals; they will work and continue to work overtime in their way to keep pushing up the price of BTC.
BTC is an F in terms of use
I’ve been using BTC in its various forms for some time and being a techy help. Still, it’s far too complicated for the average person, we need products that are easier to use in terms of the interface, without sacrificing decentralisation or security, this is a massive task.
Then we need the re-indoctrination and education on finances for people; without these two we are not going to get BTC into enough hands of the people who need it most. I don’t see the point of hedge funds and banks and countries owning BTC if the people don’t hold it to benefit from their greed too.
The more satoshis we put in the hand of the individual, the better.
Piling into the lifeboat
Bitcoin, as it continues to grow over the last 10 years, has seen it move from weird internet money to the sound money of the people, but it’s not ready for all people to use just yet.
It’s slow, expensive and cumbersome to use for the average person and the idea of value is hard to grasp, we’re used to simple 1s and 2s when it comes to price, not 0.000001, the mind has not adjusted to that shift yet but it will come with time.
I think BTC does offer, that a life raft, but we’re not ready to save everyone on the Titanic, we need to build many more life rafts for people to choose the one they feel comfortable on as we ride this massive financial sinking ship to the bottom.
Plan B cannot bottom out
I never wanted plan B to become plan A too soon as it would hurt so many people in the process, we wanted a healthy migration across with time, where the two systems find an equilibrium.
Now I’m not so sure, I don’t want people piling into BTC and see only expose its weaknesses and then are left in between a rock and a hard place and putting too much pressure on the network to save us.
I think the first 10 years was the awareness years, this next 10 year is the infrastructure years. I look forward to seeing better BTC build products, second layer solutions, improved security and more.
