Perhaps the biggest cultural change in my eleven years in Bitcoin has been the shift from tinkering techies insisting “don’t invest more than you’re willing to lose”, to the Michael Saylor of this country telling everyone to sell their house, car and wife. (then go into debt) to buy more bitcoin.
Whenever I listen to macroeconomic analysts in this space (most of whom started appearing five or six years ago), I often feel that there is one key point that they keep missing. Indeed, Bitcoin is no longer just the new experimental project it was ten years ago— but it it can be it still fails.
The list of things that can go wrong is too long to include in this Take, but suffice it to say that they include everything from too much concentration in one area to too much. distribution. (If—say— mining gets too centralized, Bitcoin can be controlled to death. Although the project could literally and figuratively fall apart if people couldn’t even settle on a single set of consensus rules; something we came uncomfortably close to during size wars.)
I think Bitcoin can overcome these problems. The incentives for Bitcoin to succeed are strong, and—perhaps more importantly—intelligent and motivated people from around the world can help find solutions to any challenges Bitcoin may face.
But in order to do that, the problems need to be acknowledged first, and then fixed. Selling your house, car and wife to buy and hold bitcoin will not do it.
This article is a Take it. The views expressed are entirely those of the author and do not reflect those of BTC Inc or Bitcoin Magazine.
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