"One of the main narratives around Bitcoin is the Digital Gold or Store of Value (“SOV”) use case. Naturally compared to Gold, which has historically proven to be the best store of value. With institutions starting to move in (Yale, Fidelity etc), another narrative emerges around Bitcoin as an institutional investment asset. These two narratives often go together, but it makes sense to explore them separately."
Links to the best articles, videos and podcasts about Bitcoin.
"Bitcoin was supposed to be the enemy of governments. It was supposed to destroy the state’s monopoly on monetary policy, it was supposed to be a battering ram against the banks and financial surveillance. Indeed, Bitcoin was supposed to erect nothing less than an uncensorable shadow financial system. So why have governments ushered Bitcoin through the front door?"
"In early-2013, when I learned about Bitcoin, I dropped everything else I was doing and focused on building on, advocating for, and acquiring Bitcoin. This still continues to be the case today, but my stance on “Bitcoin maximalism” has changed in light of lessons I’ve learned along the way."
"New data shows that bitcoin’s largest holders are a diverse group that may be stabilizing, rather than destabilizing, the market."
"A few months ago Vijay Boyapati asked me to "steel-man" the bubble theory of money. The bubble theory of money, which can originally be found in a few old Moldbug posts, has been used by Vijay and others to explain the emergence of bitcoin and make predictions about its future."
"Whether it’s a lock of Elvis Presley’s hair, used items on Ebay, or bitcoin seized by the government from criminals, auctions commonly happen when the seller isn’t sure of what the value of the item is or when ownership changes from public to private entities. This can include natural resources, seized goods, rare items, land, government contract procurement, etc."
"I’ll dive into the timeline surrounding Bitcoin’s launch, and provide a thorough debunking of unfair early distribution claims."
"In this paper, we explore how China threatens the security, stability, and viability of Bitcoin through its dominant position in the Bitcoin ecosystem, political and economic control over domestic activity, and control over its domestic Internet infrastructure."
"It’s become popular today to dismiss Bitcoin’s Proof-of-Work as wasteful and bad for the environment. We believe this is a narrow view that misses the forest for the trees. We wrote this paper with the intention to illustrate the other side of the story and what we believe to be the positive externalities of Proof-of-Work mining."
"In late 1992, three individuals (Eric Hughes a mathematician from University of California, Berkeley; Tim May, a retired businessman who worked for Intel and; John Gilmore a computer scientist who was Sunmicrosystems’ fifth employee) who had all retired young, invited twenty of their closest friends to an informal meeting to discuss some of the world’s seemingly most vexing programming and cryptographic issues."
'This article is about the “store of value” myth and how those who promote it are blind to the gaps in their logic.'
"spying on Bitcoin users is becoming increasingly difficult. Recent months in particular saw the introduction of a number of promising, privacy-enhancing technologies, and several more solutions should be released throughout the rest of the year or the next."
1. Bitcoin and crypto are two different things; 2. Fiat doesn’t work as well as Krugman thinks; 3. Not all cryptocurrency protocols are as inefficient as Bitcoin’s; 4. Crypto assets don’t need to be backed by governments to be reliable; 5. Crypto is driven by some of the smartest, most forward-thinking people in the world.
"One look at the Bitcoin market will tell you that arbitrage is possible. But, like economic theory, your chances of successfully mastering arbitrage are best when you have a solid understanding of why arbitrage opportunities come about in the Bitcoin market and where you can find these opportunities."
"Some of these ideals have been challenged by the rise of the crypto “whales” — the relatively small number of mysterious wallets that hold disproportionate amounts of crypto wealth. It’s important, of course, not to overstate this problem. A vast amount of wealth is held by cryptocurrency addresses, which are not necessarily owned by individuals. In many cases, the addresses belong to cryptocurrency exchanges. "