Home Cryptocurrency Bitcoin Will Find Success Via Ultimate Utility – Bitcoin Magazine

Bitcoin Will Find Success Via Ultimate Utility – Bitcoin Magazine

by Lottar

The below is a direct excerpt from Marty’s Bent Issue #1257: “Success via ultimate utility.” Sign up for the newsletter here.

I am currently on a flight from Newark to Oslo, Norway as I make my way to Riga, Latvia for the Baltic Honey Badger Conference hosted by HodlHodl. Please excuse any typos as I’m stuck in my seat like a sardine with my laptop screen half open because the lady in front of my seat is stuck all the way back.

I wanted to touch on something Pete Rizzo said recently on the What Bitcoin Did podcast that really stuck with me. He argued that bitcoiners should lean on the utility of bitcoin and the fact that it is a much better money and settlement network compared to the established monetary system by any objective measure instead of hoping that the world will fall to the ground. will burn and bitcoin succeeds as a product of fiat’s failure. Here is the clip for those interested.

The dichotomies of these two frames are interesting to think about. To begin with, I don’t think they are mutually exclusive. It is clear from Satoshi’s writings that he thought the established system was inherently flawed and doomed to failure due to the history of fiat currencies controlled by central authorities who had the ability to print at will.

“The central bank must be trusted not to weaken the currency, but the history of fiat currencies is full of violations of that trust.” – Satoshi Nakamoto, February 11, 2oo9

I don’t think it’s crazy to believe that Satoshi created bitcoin after realizing that the fiat system was doomed to failure. I’m almost certain he did. However, the only way he could produce a tool that would act as an effective escape hatch from the failed system is if he produced something that was 1.) a step function improvement on that system and 2.) sufficiently resistant to attacks from the failed system system that doesn’t really want anyone to escape. Fortunately for us, this is exactly what Satoshi and those who came after him to help improve the protocol gave humanity.

Thank God for Satoshi. We are standing on the edge of a cliff with unstoppable forces pushing us towards a deadly flight into chaos and disorder and we have all been given the ability to grab a parachute glider that will allow us to jump off the cliff to jump and slide to safety. What Pete posits is, “should we focus on telling people as much as possible about the unstoppable force that will push us to certain death or the technology we can use to avoid that outcome?”

Personally, I think both tactics should be employed. The only way to solve a problem is to admit it exists in the first place. This is what warns of the unstoppable force that leads people to the edge of the cliff. Only once people understand that power can they begin to seek and understand the solutions at their fingertips.

Having said that, I think Pete makes a very good point. Bitcoiners may over-index to highlight the impending failure of the fiat monetary system, while under-indexing the incremental feature improvements that bitcoin brings to the world of monetary goods, final settlement and payments. Bitcoin makes things possible that simply weren’t possible before it was introduced. This is something to celebrate and highlight as often as possible. In an ideal scenario, the death of fiat is dragged out over many decades and during that period the tools and products built around the bitcoin network prove to be so much better than the established system that people naturally adopt them en masse because they simply better. This would be the ideal “soft landing” that you hear the whiners at the Federal Reserve talking about.

I pray this is how things end up progressing. However, it is hard to believe that the compounding mistakes made by unproductive central planners over the course of many decades are not rearing their heads. If one truly believes this, it’s hard to beat them for overindexing on the doom side while trying to warn others and point out the hideous insanity of the system.

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