I'm obsessed with Yap Stones -- which I think are in some ways the ancestors of Bitcoin.

The Yap Stones didn't move. The island people who used them knew that they were finite in nature (at that time), and simply assigned ownership by tribal decree.

If you look at Bitcoin, a big mistake is evaluating it as a payments technology similar to Venmo. That's not what it is. Other than ordinals, (i'll get to that at some point later) Total BTC transactions have not increased much since 2017. And that is OK.

Like Yap Stones, Bitcoin is a savings technology. Transfering a Yap Stone was a big deal -- you needed to assemble the tribal elders. You wouldn't do this for a small transfer, like a spear. You would do this for something more significant, like a house.

Ultimately YapStones failed because the supply wasn't as finite as people thought. The same is true for a gold and diamonds, for example: you never know how much there really is out there.

Call it a cult, a ponzi scheme or a religion, but really Bitcoin is really a shared agreement on who has what. Like Yap Stones. Layer 1 Bitcoin will never move. It will sit in the vaults of Blackrock, Fidelity and large institutions. Only the ETF shares will move. And even then, infrequently.