Vlad has the best podcasts, hands down. Listen before dismissing him.

I’m not as cynical, but I agree: Bitcoin has veered toward maximum NGU rather than maximum freedom and liberty.

No native privacy and no practical scaling (not everyone can have a Lightning channel) are real limitations. The incentives will drive privacy eventually, because the powerful won't need the state once they can hide their wealth.

When fiat and the state collapse, most people won’t be sovereign, they’ll be serfs to the Lords who bought Bitcoin with leverage.

Ironically, “Bitcoin Only” is starting to look like the new psyop. True resistance may come from altcoins, but they’re vulnerable to 51% attacks.

At scale, high transaction fees will reduce UTXO access to institutions. Dishonest banks will outcompete honest ones, and we’ll be back to free banking, with all its instability and collapses.