As I’ve considered entrepreneurship, one consistent concept that shows up is “OPT, OPM.” This stands for “Other peoples’ time, other peoples’ money.”

As I’ve learned about #bitcoin, my understanding of this concept has evolved. The two key takeaways:

(1) when most people say “OPT, OPM” they mean to get leverage at the expense of other peoples’ risk and time. There are many implications of this that I might explore in future notes but - for now - I’ll summarize by saying exploiting others for your own benefit is absolutely caused by fiat money.

(2) #bitcoin is the ultimate way to capture “OPT, OPM” because ultimately not only does #bitcoin represent the productivity (time/money) of others from the past, but the value of the #bitcoin held represents the work others during the duration that #bitcoin is held.

However, in order to have this exposure to “OPT, OPM” under a bitcoin standard, an individual has to put their own skin in the game and take their own risks.

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A #bitcoin standard is a return to true capitalism. Capitalism where risks are either rewarded or punished enforced on the individuals intentionally taking those risks. No more moral hazards. No more exploitation and coercion. Meritocracy returns.