https://fountain.fm/clip/WUaxhZi0LkFHyaaX5KjE
What are mathematicians needed for in Bitcoin?
https://fountain.fm/clip/LwqX1wS83Tm39zVhLCo8
My best non-technical explanation of how Lightning enables unstoppable exchange
Today we Hodl upwards of 95% of our stack. That metric will decline over time to where we’re no longer characterizing this era as HODL’ing.
The earn and use phase might still have 5-10% HODL’ing, likely far less.
I think by then we’re done with the HODL stage and move into the use & earn stage. Companies become a much more relevant part of that world.
Cult is strong but there is a group dynamic of non-critical thinking that I see extending across Twitter that I find….potentially unsettling.
Swan is a great company but they may not fully understand the impact of the reach their platform has. Maybe they do - i tend to think they do not.
They do the work to understand Bitcoin but people listening aren’t necessarily doing so and end up parroting Swans views without a real debate.
The other thing is that the idea that Bitcoin will stabilize against goods and services is related to the sell pressure on individuals and institutions. I’m not sure it ever arrives or reduces that sell pressure.
Latest episode dropped. @BusinessCat and I discuss Bitcoin Embassies, Orange pilling preppers, and using Lightning as a primitive to create cooperative V4V exchange. @R
I’m not sure I’d call it an aversion. It’s more like a law of physics. Apple might enthusiastically jump into Bitcoin tomorrow but the pressure to get rid of it will exceed their will to hold it. Only a super convicted human is capable of overcoming that pressure.
Apple might have more will than most companies but they are still limited.
This is 100% my worldview. Institutions just don’t have the will that an individual can have. Only an institution that can win hearts and minds and summon the free will of its individual members will make it. Otherwise individuals will realize they don’t need them and they will be willed out of existence by them.
Leaders of these institutions because of their connection to the individuals, can lower their time preference to the level of the individuals and act as a voluntary collective. El Salvador is an example - they have authoritarian style power because they have summoned a 90%+ approval rating. They did this by winning hearts and minds. Enabling Bitcoin also greased the slides.
I have #[3] to thank for avoiding that outcome on Umbrel. This happened because he spoke generally to me about how Lightning works and I went deep to understand the risks he was speaking of. They have nothing to do with Umbrel.
Technical mastery is really the only way to trustless conviction.
AI will suck at Bitcoin, and institutional adoption isn’t the answer. Bitcoin HODL’ing is a UNIQUELY human action,
https://risk-fundamentals.ghost.io/hodling-is-a-human-action/
The question I ask myself is whether these techs are dilutive or additive to overall adoption.
I genuinely don’t know the answer.
I wonder if this is just part of Swans transition from Prime Trust to Fortress. If so it’s bad communication.
It is - just under a different name: poverty
Hot take - custodial Lightning is extremely important and is possibly the key to mass adoption. Maybe LSPs displace this but people will trade off fees for trust.
The market will eventually show an efficient frontier with providers along this spectrum that enable the most efficient form of that trade off while driving mass adoption along the way.
I would say it focuses on things Bitcoiners need to think about that aren’t addressed anywhere else. Not too Dev focused - more on risk and how to discern signal.
The world needs more Dr. Jack podcasts! Also someone needs to tell him about Fountain so that he can be sent value. Thank you for sharing.
Studying the living shit out of it. Then writing about it on my blog and talking about it at meetups and on my podcast.