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Is Bitcoin being infiltrated by fiat mindsets?

Most come to Bitcoin for number go up, but stay for the revolution.

As the number goes up, so do the fiat mindsets entering the space.

That’s fine! Bitcoin is a journey. We’ve all been there. But what happens when the same bad incentives that got us here start creeping back in? Tricky.

Bitcoin is for everyone. It’s antifragile. But it’s also proof of work, not proof of stake.

So when credibility starts being bought instead of earned, it’s worth paying attention.

l loved my chat with nostr:npub1g9l80gj3dndlyu9s4ccgn3pyxsykzzrdygv3acmju5ff375067cqypg00f on Think Tank Thursday at nostr:npub1hu9dtj9l9jdjsaaqqvcz855d5e6rrtak5fyz65hdddcg2cz37spqkvyafh.

https://youtu.be/ZCTRVH9PtXc

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Discussion

freemymind 🇨🇭 5mo ago

Seems like clickbait, with this ungenuine questions like: "But what happens when the same bad incentives that got us here start creeping back in?"

When an answer is evidence based, it is inlogical that old concepts could sneak back in.

It is like asking, if society will unlearn cryptography, bookprinting or writing in general. Evolution is onedirectional.

Susie Violet 5mo ago

It’s a genuine concern. Evolution doesn’t guarantee immunity. Old incentives have a habit of resurfacing, especially when profit and power are at stake.

freemymind 🇨🇭 5mo ago

Ok. To mee it seems no concern at all. Superior systems do not to be understood in order to work.

It is enough to be able to use it and see how it works. Almost every person uses Computers, while a minority understand how they work. Still it is unthinkable, that computers could leave our world only because the most powerful loose it.

Same was with the printing press. A lot of powerfull people against it. But this does not change how usefull it is.

When something does the same thing but easyer and cheaper, it will always win. The question is only how long it takes. But never if it will win.

The same with Bitcoin. It takes out every intermediary in a transaction between two people and has the transaction cost far below current systems. I really think there could not be a world, in which the adaption is not coming.

Susie Violet 5mo ago

I get your point...better systems often win eventually. But adoption isn’t frictionless, and incentives shape culture. Bitcoin can’t be uninvented, it cannot be stopped, and it will win. However, it’s not perfect. There are vulnerabilities, and although it will win globally, it can still be co-opted at a local level.