Welcome to this week’s edition of Myth of Money, a weekly newsletter on the digital asset markets read by 12,000+ investors. Disclaimer: The following is not intended as investment advice. Do your research. Dear Investors, I arrived in Miami last night and look forward to seeing many of your at Art Basel this week.
Nice plug for the Lightning Network. I never believed that Bitcoin could become popular as a medium of exchange. What I find interesting in this substack article is that it conflates the idea of Bitcoin as an investment and Bitcoin as money (medium of exchange). Alas, nothing can be both an investment and at the same time be a medium of exchange. You either invest in something or you spend it. You can't do both. If you preach that Bitcoin is money, don't you think that you are doing a disservice to your readers by encouraging them to spend it? Every Satoshi one spends today could be a fortune tomorrow.
Hype, exuberance, free money, new technology, lack of understanding by most, etc. leads to creation for creations sake as opposed to for solutions sake (Roof Roof Doge), an unsustainable market, followed by a deep deep crash that washes out the silly and "substantiates" the claims of the non-believers that it was all fake.
When it collapsed, the real builders, the real believers the real entrepreneurs and investors all stuck with it and built what is now commonplace in the world.
In 10 years no one will look back at this post, but today is that day.
Hi Tatiana,
Nice plug for the Lightning Network. I never believed that Bitcoin could become popular as a medium of exchange. What I find interesting in this substack article is that it conflates the idea of Bitcoin as an investment and Bitcoin as money (medium of exchange). Alas, nothing can be both an investment and at the same time be a medium of exchange. You either invest in something or you spend it. You can't do both. If you preach that Bitcoin is money, don't you think that you are doing a disservice to your readers by encouraging them to spend it? Every Satoshi one spends today could be a fortune tomorrow.
--Carlos
The collapse of FTX is the moment Web3 / Crypto started, not the moment it ended.
If you look to the Dot.com era (when most crypto folks weren't yet professionally engaged), you will find the exact same articles (global replace dot.com with crypto; https://finbold.com/guide/dot-com-bubble/).
Hype, exuberance, free money, new technology, lack of understanding by most, etc. leads to creation for creations sake as opposed to for solutions sake (Roof Roof Doge), an unsustainable market, followed by a deep deep crash that washes out the silly and "substantiates" the claims of the non-believers that it was all fake.
When it collapsed, the real builders, the real believers the real entrepreneurs and investors all stuck with it and built what is now commonplace in the world.
In 10 years no one will look back at this post, but today is that day.