Lot's of people asking me over the past two days whether my bet is still on (that I will eat my dick if Bitcoin does not reach $1 million by the end of 2020). ABSOLUTELY!!! It is a bet that I cannot possibly use. Use your heads people! Run the numbers that crypto folks well know.
Cypherpunks know that software can't be destroyed and that a widely dispersed system can't be shut down. Cypherpunks write code. Cypherpunks run nodes.
Great thread. Bitcoin can only fail if we all agree to allow it to fail. This becomes less likely every day that the ecosystem around it grows. https://t.co/LSmeufi0B4
"Lightning Network is too complicated; regular people will never use it! Nobody wants to deal with locking funds & opening/closing channels!"
"The Internet is too complicated; regular people will never use it! Nobody wants to deal with installing a modem & tying up phone lines!"
HODLing is a game of attrition. Those whose hands weaken leave the game with a slight profit or loss. Those who don't keep their HODLings secure & backed up leave the game with a 100% loss. Those who HODL hardest win their financial freedom.
Your regular reminder that trusted third parties are security holes. One reason I'm so excited about the prospect of user-friendly decentralized exchange software: it will remove the systemic risk introduced by custodial exchanges. https://t.co/X1ZxXCaxeo
Some folks get really upset when their mental model of Bitcoin is proven to be flawed. Especially if they had convinced themselves that they were important / wielded power over the system. Seek the Tao of Bitcoin; realize it is outside of your control.
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"Cryptocurrencies that are faster and have lower fees will dethrone Bitcoin!"
Folks have said this for years, but it's a paradox - permissionless blockchains don't scale well. Popularity creates contention for scarce block space and in turn, higher fees.