BWJ 031: Future Of Money; Bitcoin Energy Markets; Beyond Bitcoin Maximalism; & more...

This week: Who totally nails the question of “why Bitcoin and not Altcoins”? What critical problems can Bitcoin mining solve? Why is self-awareness important to recognise?

Apr 28, 2022

Who totally nails the question of “why Bitcoin and not Altcoins”?

This 4 hour conversation between Michael Saylor and Lex Fridman is epic, a must-watch for any Bitcoiner, and excellent ammunition to throw at any naysayer. Admittedly I had to split it up into a few sittings, but each time I came back to it, I was rewarded with more insightful knowledge.

A particular highlight, was the excellently articulated comparison of Bitcoin and Altcoins, leaving the viewer in no uncertain terms as to why Bitcoin is in a class of it’s own. As Saifedean Ammous commented it shows “an astonishing & encyclopedic command of the economic, ethical, legal, technological, & political facets of the question”.

Never before have I been so deeply influenced by someone I have never met, but such is the nature of information dissemination online today, I am sure I will not be the only one. Our ability to learn from the education, experience, and opinions of others, somewhere else in the world, is truly incredible.

Bitcoin Energy Markets

What critical problems can Bitcoin mining solve?

If you’re interested in the relationship between Bitcoin and energy, then look no further than this conversation, between Shaun Connell and Peter McCormack. There is a helpful breakdown of the basics, how the energy markets function, and then a clear vision of how the future might play out.

Critically these are the insights of an energy market insider, someone with a career of expertise through which to synthesize the potential of Bitcoin, and the ability to access key decision makers. I love the idea that everyday there are more and more people educating themselves about Bitcoin, in all manner of professions, consequently motivated to push adoption in their respective industries.

Having had a failed startup in the UK energy space back in 2017, the vision touted struck a chord, as no doubt there are huge problems with our existing systems. Overcoming government interference and egregious regulation will be crucial to any entrepreneur in the space, as will navigating the slow-moving nature of incumbents, but I am very excited to see what innovation is sparked by this; perhaps the nuclear renaissance isn’t as far away as we thought?

Beyond Bitcoin Maximalism

Why is self-awareness important to recognise?

This chat between Pete Rizzo and Peter McCormack resonated with me, if only for the fact that it was refreshing to hear some reasoned criticism of Bitcoin, a discussion that can be easy to ignore in the furor. They highlight how ‘Bitcoin Maximalism’ as an ideology has morphed over time, which too often those touting do not recognise, perhaps opening them up to elements of hypocrisy.

The fact is, Bitcoin doesn’t care… Doesn’t care who you are, what you do, and whether or not you identify as a ‘maximalist’. But I do agree it’s important to recognise how things change, self-awareness is a skill, and as a community we could do a better job to understand where we are going and how to get there.

Bitcoins organic ideology is a modern cultural phenomenon, quite unlike anything we have seen before, not a bug but a feature. I welcome any conversation that is willing to take on the hard questions, dissecting unpopular opinions, and push the boundaries of understanding.