Top 10 horrible Bitcoin narratives that distracted everyone from the mission & slowly led to this messy identity crisis:
1. “Everything is good for Bitcoin”
2. “Never sell your bitcoin”
3. “Don’t use the Bitcoin blockchain unless you absolutely have to”
4. “Bitcoin is for enemies”
5. “There is no consensus” (usually meaning that one company is trying to gatekeep progress)
6. “Everything that isn’t Bitcoin is a shitcoin” (Satoshi himself contributed to BitDNS/Namecoin lol)
7. “Don’t spend, borrow fiat against your bitcoin. It’s the speculative attack, bro”
8. “Store of value”, “Digital Energy”, “Digital Manhattan Real Estate”, or whatever. Purposely normalizes not using bitcoin for payments.
9. “There is no second best crypto asset” or “Bitcoin only”. A masterful psyop which aims to deligitimize the open source breakthroughs that other projects make – most of which could directly benefit Bitcoin.
10. “Lightning scales, Liquid is decentralized, Fedimints, Cashu & custodial Lightning are good enough”. Satoshi mentions trusted third parties a dozen times in the whitepaper, explaining how his money system avoids them. But a decade later, everyone and their mother tried to become a banker.
My first interview with Zooko Wilcox (@zooko), co-founder of Zcash.
00:00 Intro
00:40 Why Zooko joined Cypherpunk as advisor
01:42 Quantum computing & Zcash's position
05:09 Bitcoin vs Zcash culture
07:18 What is Crosslink?
09:35 Crosslink benefits: irreversible finality & security budget
14:24 Bitcoin's security budget problem & NSM
18:20 The complexity critique of Crosslink
21:23 NSM, dynamic fees & voting confusion
25:14 Coin-weighted voting
27:55 Tachyon: scalability and post-quantum
32:35 Shielded Labs' enterprise support services
33:38 The T-addresses debate
38:30 The political path forward for Crosslink
43:25 Turnstiles & canary networks
45:28 Zooko's 10-year vision for Zcash
You will be blindzided.
Zcash is not competing on "added features" in some simple, single-cycle fashion.
Transparency and quantum susceptibility are baked into Bitcoin and can't be addressed with bandage layers.
Zcash has been preparing for this moment for ten years. Privacy is absolutely necessary for SoV, and it's a first-class property of the protocol—you can't just add privacy at another layer. What Zcash does simply cannot be done by the other protocols listed here.
And Zcash has spent years fighting regulation and delisting barriers and won.
Quantum resistant design has long been on the radar and has had the way paved for. There is a concrete proposal on the roadmap. It's not something Bitcoin can just "fix in a year". Even if Bitcoin "got its shit together", already implausible given the history of governance, it would be a major undertaking.
You will be blindzided because your threat model doesn't account for something like Zcash.
Shielded Labs has now funded efforts that helped to discover and remediate at least two major vulnerabilities in Zcash before they could be used by the bad guys!
The best way to improve Bitcoin is to pump ZEC within spitting distance of the BTC market cap..
Watch how fast they address quantum and add privacy then.
There's a path where ZEC pumps so hard on the "quantum resistant" narrative that its outperformance relative to BTC could lead the BTC community to take quantum more seriously
So a ZEC pump precedes a future BTC pump
I meme a lot but i actually do think this pair continues to go up, zcash currently trades at lower than 1/100th of bitcoin's total valuation w/ better quantum resistant properties while privacy is becoming a popular narrative
concerns w/ saylor as key man risk also materializing
should be closer to 1/10th valuation, which would be ~.1zec per btc