The way things are shaping up, I think the story arc for this next cycle or two will be:

-A lot of altcoin VC money flows back into the Bitcoin ecosystem, builds a bunch of bubbles in startups based on too-early tech and broad speculation, and gets washed out when that tech takes longer than expected to mature. Additionally, a lot of the capital will get pulled toward speculation/trading of tokens on top of Bitcoin and blow up from that direction as well.

-Then after it washes out, there will indeed be some good mature utility-focused tech that emerges out of it that makes Bitcoin's layered stack better and more user-friendly. Bitcoin, both as sound money and to some extent as an immutable truth layer, emerges stronger.

Reply to this note

Please Login to reply.

Discussion

Feels like we have seen this cycle before kek

LOL at the meme

All use of Bitcoin helps Bitcoin!

"Layer 2" is the new "Blockchain"

Scammers riding lightning's coat-tails

Always has been, depends on people's view of thinking

The cryptocurrency carousel: where altcoin dreams rise on venture

capital only to nosedive into reality, leaving Bitcoin to clean up and

climb higher.

“If you have the truth, you know what reality is like. If you don’t, you’re ignorant of reality."

-Harry Frankfurt

Let’s ride this wave and build a resilient #bitcoin circular economy. Excited for companies layering in Lightning payments, improving UX, and being smart by not over-leveraging BTC reserves. Cash+Sat flow positive… let’s roll

😂

Yup, interestingly in the natural world good genes get passed down but in the digital world they are passed up. Bitcoin will ultimately benefit from the innovations of the alts.

I used to say anything cryptos were doing, could be done better on lightning, with a firm foundation. Then I saw what taro was doing and shut my mouth cuz I didn’t want it.

But I do look forward to more payments adoption. I haven’t wrapped my head around fedi:e-cash. I just don’t want to see it go the same way as gold not being 1:1 with the underlying.

After 15 of nothing the "utility-focused tech" will totally arrive this year, promise!!

And I thought the Yeti had eaten it.

*15 years of nothing

In a surprising move, this year nostr:npub12262qa4uhw7u8gdwlgmntqtv7aye8vdcmvszkqwgs0zchel6mz7s6cgrkj will also turn his make-believe Bitcoin business into a real Bitcoin business!! Promise!!

nostr:note1hwp7qeck9qkfrpycrp6lqw3jzum5grjj37uar7tf9zldrnjf8h3s8p9rfv

2017 was altcoins & ICOs, 2021 was Defi & NFTs, what is going to be the stupid thing now?

I think you are a bit too optimistic on this one. VCs will still want a token to exit scam

Where do you think gold heads in 2024? Last time I checked, I think you were bullish. But bitcoin seems to be stealing the show lately.

So inscriptions/ordinals are going to be the hot thing?

Most VC are nothing more than market timers, who use specks of truth to inflate bubbles and talk up their book, before dumping it on retail. They delude themselves and others into thinking they are smarter and doing God's work. In reality, they are weak, soft-handed, whiny babies and overpaid pond scum. So, will they follow Chamath in thinking Bitcoin is the story for 2023, shit all over the space, splash the table, and leave a mess...you can bet on it. But, bitcoin doesnt care. Nor do I.

I guess the VC money helps us speedrun it.

What sort of mature, user-friendly tech are you looking for? Better onboarding? Communal banking? Bitcoin's 'Digital Citadel'?

I think this is accurate, but I also think it is a recurring cycle with no end in sight. Like a spiral as maturity/stability increases and as novel innovation reduces accordingly. No end in sight in the Bitcoin space.

?cid=2154d3d78c7ebqfrqpwr8iz6c5xrslm8v80l40az947xwkr2&ep=v1_gifs_search&rid=giphy.gif&ct=g

lyn, your toughts on USDT? would you hold It?

What happens to Nostr during the next bull run you think? Increased adoption? #grownostr

Since ordinals and inscriptions started, this has become the new narrative. Seems like we can now build things on Bitcoin using bitcoin as the layer of truth and security

Lyn 🤌

Read it, then read it again, then one more time. Then save it, wait a week and read it again.

nostr:note1zjsv2umuu45eplycuhu2lzczmze3n0nw898cwstfmmzrrup2qqqqfgcv4g

@note1fg074rvng0dnna9tge9zm7krm204awq2v0y847l07qg6u3kvfe3s6h95ey

nostr:note1zjsv2umuu45eplycuhu2lzczmze3n0nw898cwstfmmzrrup2qqqqfgcv4g