Bitcoin, you are now 16 years old, in your teenage years. These are the years when, for many people, they make decisions that are usually unconscious and will determine the course of the rest of their lives. It’s very rare that someone gets a “redo” to reverse the choices that put them in a certain way of life.
I’m afraid you, or rather Bitcoiners, are in the process of making one of those monumental mistakes that will have dire consequences for the rest of their lives.
We are seeing unprecedented growth right now. With the price nearing all-time highs, finally breaking 100k, and major nations discussing the prospect of creating strategic bitcoin reserves, we’re reaching escape velocity. After that, people became completely addicted to the narrative that we won.
They cannot sleep at night without telling themselves “we won”.
At the same time, Bitcoin is not scalable at all. If the world realizes it needs Bitcoin tomorrow, everyone will be stuck storing their coins with Coinbase or JP Morgan because the system is not scalable enough for everyone to hold their coins. All those people are tracked, have no freedom, and their money can be arbitrarily confiscated by government order at any time. They cannot open a business, build anything innovative, or spend their money as they wish without the permission of the state.
“Oh, not everyone can afford independence, it’s a responsibility. They wouldn’t want to do it anyway.” Those few “elites” will not fare well either. They may not be able to easily take away the coins of the user who is saving themselves, but they don’t need to. They just grab you. They stalk you and stalk you everywhere, and when they realize you’re trying to do something they don’t like, you go to jail. It hangs over the heads of those who try to innovate or build in ways the government doesn’t approve of.
As our enemies begin to cut back on their purchases, stablecoins are actively facilitating new avenues of demand for US Treasuries. Bitcoin is actively helping to sustain the dollar in this ecosystem, something that has arisen out of a need to help the bitcoin market survive. They are doing the opposite of a long-standing promise to devalue the dollar.
This is the way we are going. Bitcoin somewhere gives an opportunity government supervision and control. It actually helps with those things. Why are we going that way? Bitcoin isn’t scalable enough, and there aren’t enough consistent and sustainable tools to incentivize privacy (ie, it’s simple enough and not expensive enough to incentivize people who aren’t actively seeking it for privacy).
The way we’re going now is people who are willing to just roll over and give up on any future of Bitcoin, create formative change, and do whatever the government wants them to do. In addition, nothing fundamentally changes about people’s financial lives and their relationship with government. We need to acknowledge these problems and actually support solutions to reduce their severity, not just sleep around saying “Bitcoin won”.
Bitcoin has the potential to bring about so much positive change in the world, but if we treat ourselves with overconfidence, arrogance, and a lack of problem solving, we want to be seen as missing. Listening to the arrogance of youth rarely does anyone any good.
Bitcoin is too important for teenagers to make the same mistakes. So don’t do that.
This article is a Take it. Opinions expressed are solely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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