Nov 8, 2021

Bitcoin -- Pragmatist climb on board

Who would of thought that it would take bitcoin 13 years until the pragmatist would catch on.  Last week I had 2 people (who are smart and rich) phone me. They wanted to talk about bitcoin. I explained how Internet 1.0 allowed information to become easily available. A lot of people, 40 and under, have heard about tor but don't understand why we need it. Then I went on to talk about Internet 2.0 where digital information is hard to duplicate. One person wanted me to talk about Ethereum, but it has more  to do with gambling than a real form of currency. People want to call Ethereum money, but it is like calling the stock market money -- if someone buys your crap then yes it is money. Ethereum has been trying to get the handle defi (decentralize finance), but it is really peer to peer finance. We are so new to crypto that not many are really educated on the subject. 
Thirteen years makes bitcoin a teenager and that is when people start testing their wings. It seems to me, like teenagers, bitcoin is forcing others around them to take action. Bitcoin is the hardest money and it’s going to destroy every other fiat money; even if Raoul Pal thinks Ethereum is better than Bitcoin. Now that Bitcoin is at a all time high most people are giving it a second look. This second look allows people to challenge their presuppositions. I do have my doubts also, however 13 years is a long time. There is a lot of metrics that calm my fears. Bitcoin is more than 10% the value of all the gold in the world. Taproot allows for multi signature wallets to look like regular wallets. The hash rate is over 140 exahash.

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