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426 sats \ 0 replies \ @wlrvs 29 Sep 2023 \ parent \ on: Stacker News Roundtable #1 - Building on Bitcoin, Bitcoin Culture, and More bitcoin
The bitcoin community will eventually be swallowed by bitcoin's ubiquity and it will lose power over the Narrative. It's inevitable and it's already been happening over the last 10 years. Each successive wave, disrupts and transposes the previous 'bitcoin community' and it becomes something different.
All the things that actually harden bitcoin like p2p exchange, self-custody and mining decentralization is always underfunded. In general, however, funding for bitcoin companies draws from an extremely small pool of capital compared to 'crypto' or trad industries.
I think bitcoiners (specifically bitcoin twitter) overestimate their onboarding powers. Typically, those most responsible for onboarding people en masse into bitcoin are not bitcoiners themselves, they're reckless central bankers, political censors, over zealous regulators, corrupt politicians, misguided central planners and general zeitgeists.
I think I'd question whether these people really are "new" to bitcoin. Aren't ordinals just redirecting activity to bitcoin that would have been directed towards other chains?
I suspect the majority of people trading NFTs also already held bitcoin. Do you have any data to support the idea that they are net new?
they’re being built because there’s MARKET DEMAND
Of course, that's why you and I are both marketing towards different demands we see in the market. Yet, it's still just marketing and not related to what 'bitcoin needs.'
I think the difference is whether you think bitcoin needs either of us to market these demands to succeed. Marketing towards any and all demands may help accelerate bitcoin's success, but it could also accelerate it's failure.
From our experience, yes. I could count the number of people that voluntarily left our company on three fingers.
it works just fine today.
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i can acquire bitcoin without counterparty risk.
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i can hold bitcoin without counterparty risk.
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i can send bitcoin without counterparty risk.
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i can pay with bitcoin because people value it.
Any update or feature that could jeopardize these things, jeopardizes everything. Don't break something that works today because you're responding to a theoretical problem of tomorrow.
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We can post a job description and get hundreds of the most qualified people within hours. This is because we are working on bitcoin and have a strong mission. Bitcoin is a cheat code for recruiting.
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There are primarily two sets of bitcoin users we attract. Those that call themselves 'bitcoiners' that typically live on bitcoin twitter and those that have no idea about 'bitcoiners' or bitcoin twitter and just want a better way to increase their spending power and savings. The first group is numbers in the thousands, the second group numbers in the hundreds of millions.
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We aim to make bitcoin valuable people today by using the properties that already make bitcoin successful-- a savings technology that can increase purchasing power and accelerate/protect savings.
- Bitcoin has already succeeded at proving out a viable non-state money today.
- Bitcoin will face many new challenges ahead (tradfi manipulation, 2106), as well as old challenges that reemerge (fork wars, security budget, state aggression)-- so we'll see if success continues.
- Building better on/off ramps and putting bitcoin closer to people that need it and those that don't know they need it only harden/accelerate bitcoin's success.
- The idea that we 'need to build x' for bitcoin to succeed, whether that be ordinals (muh security budget!), on-ramps (muh mass adoption!), etc are typically marketing plays that overstate a problem or create a problem themselves.
- The only things that 'need' to be built are things that make trading, holding and mining bitcoin more anti-fragile such as mining decentralization, self custody and p2p exchange. These are the things that will enable bitcoin to survive the most bearish and antagonistic of times.
GENESIS