The following article was originally published in Martys Bent Issue # 1069: “Bitcoin is Separated From ‘Crypto'”
There are many out there who believe that Bitcoin falls under the “crypto” umbrella. This couldn’t be further from the case. “Crypto” is intended for the affinity scams that started in the wake of Bitcoin, trying to use its pedigree and cling to its narrative to sell useless tokens to ignorant newbies. The affinity scammers believe they can “defeat” Bitcoin by providing a feature set and “culture” that will prove more attractive to the masses, increasing the likelihood that individuals will choose their preferred “crypto” over the best money that people have ever come in contact with.
These people couldn’t be more delusional. The success of Bitcoin does not depend on the “culture” of the Bitcoiners. Bitcoin is an amoral and stupid protocol that has no way of knowing the “culture” of its users. And when it is successful, it is used by many different people from many distant countries with very different cultures. A cultural influence on a certain competitive landscape of social media LARPing does not matter at the end of the day. Whether or not certain pseudonyms or persistent VCs on Twitter lean towards your favorite “crypto” is nothing but noise. In the long run this is irrelevant.
What really matters is the quality of Bitcoin’s monetary policy and the public’s confidence that the policy will be respected in the long run. The best way to build trust in this policy is to keep the cost of attempting to change this policy or to leave the network’s consensus rules as high as possible. Nothing in “crypto” comes close to Bitcoin in this regard, and that’s because the Bitcoin network is slowly but surely integrating into the world’s energy sector. The execution risks associated with Bitcoin mining have become very high. If a miner messes it up and falls out of consensus, he is materially punished by missing out on valuable block reward payouts. As the network becomes more and more integrated into the energy sector, these costs will increase and compliance with the monetary policy of the network full of nodes will be of paramount importance.
Hell, it was back in 2017 when the biggest corporate players and miners tried hard to force a block space increase that fell out of consensus with the full nodes on the network. The unwillingness to obey the consensus ruined its reputation and lost a lot of money to many miners in the four years that followed the hard fork. This gives people the certainty that Bitcoin is a suitable monetary asset in the digital age.
All of the “crypto” LARPs that focus on speed, app creation and less “energy-intensive” have completely missed the plot and banished themselves to a hedonistic sandpit full of degenerate gamers and low-energy thinkers.
Bitcoin has already won because it won the energy game. And the energy game is what Bitcoin’s monetary policy will protect in the long term, as it is strongly encouraged to do so by full nodes. Very few understand that.
Last thought …
Mosquitos, man. I hate them.
To read the original post and other work by Bent, visit TFTC.io.