Bitcoin is separated from crypto

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The article below originally appeared in Marty’s Bent issue 1069: “Bitcoin Is Separated From ‘Crypto'”

There are many who believe that Bitcoin falls under the “crypto” umbrella. It couldn’t be further from the case. “Crypto” is designated for affinity scams that have been launched in the wake of Bitcoin and attempt to leverage its pedigree and cling to its narrative to sell unnecessary tokens to unwitting noobs. Affinity scammers believe they can “beat” Bitcoin by providing a feature set and “culture” that prove to be more appealing to the masses and thus make individuals more likely to choose their favorite “crypto” over the best. money humans have ever had. to get in touch with.

These people couldn’t be more delusional. The success of Bitcoin does not depend on the “culture” of bitcoiners. Bitcoin is an amoral and stupid protocol that has no way of knowing the “culture” of its users. And if it succeeds, it will be used by many different people from faraway lands with very different cultures. A cultural hold on a particular LARP competitive landscape on social media doesn’t really matter in the end. Whether or not some harsh pseudonyms or VCs on Twitter are in favor of your favorite “crypto” is nothing more than noise. It is of no consequence in the long term.

What really matters is the quality of Bitcoin’s monetary policy and the public’s confidence that the policy will be respected in the long run. The best way to build confidence in this policy is to keep the cost of attempting to change this policy or breaking the consensus rules of the network as high as possible. Nothing in “crypto” comes close to Bitcoin in this regard, and this is because the Bitcoin network is slowly but steadily integrating into the energy sector of the globe. The execution risks associated with Bitcoin mining have become very high. If a miner fails and falls outside the consensus, they are materially punished by missing valuable bulk reward payments. As the network becomes more integrated with the energy sector, these costs will increase and compliance with the monetary policy implemented by the network of full nodes will be paramount.

Heck, it was already in 2017 when the biggest companies and miners tried to forge an increase in block space that broke consensus with the full nodes of the network. Failure to follow the consensus has ruined reputations and cost many miners a lot of money in the four years since the hard fork. This is what gives people the certainty that bitcoin is a suitable monetary good in the digital age.

All the “crypto” LARPs focused on speed, building apps, and being less “power hungry” completely missed the plot and relegated themselves to a hedonistic sandbox filled with degenerate gamers and thinkers. low energy.

Bitcoin has already won because it won the energy game. And the energy game is what will protect Bitcoin’s monetary policy in the long run as it will be heavily incentivized by full nodes to do so. Very few understand this.

Final thought …

Mosquitoes, man. I hate them.

To read the original post and more of Bent’s work, visit TFTC.io.

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