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#Bitcoin aims to be the greatest savings vehicle in history. No need to worry about inflation ("savings" accts), take on counterparty risk (bonds), or make bets on companies or economies (stocks) in order to "save." 1/
No need to store hunks of metal, which are hard to secure and difficult to trade in small quantities or across oceans (gold). No need to maintain property, pay property tax, become a landlord or bet on local economies (real estate) in order to "save." 2/
Humanity has not had a good savings "technology" since gold. #Bitcoin improves on gold (divisibility, portability, security, tradeability over distance, integrated with the Internet). Fiat destroyed our collective memory of what it means to save; #Bitcoin brings it back. 3/
The word "aims" in first sentence is important. #Bitcoin is a "start-up" savings tech and thus is highly volatile now. Savings should not be volatile (even though #BTC savers have in fact seen their purchasing power rise dramatically). Savings should be slow and boring. 4/
Thus, ironically, #Bitcoin is currently a speculative, manic-depressive asset that *aims* to be extremely non-speculative, stable and boring. HODLing #BTC through the swings at present is a bet that it will become a non-bet in the future, i.e., a future true savings vehicle. 5/
Decades of fiat have forced us to think that "savings" = risky investments, i.e., speculating in companies, economies and real estate, and assuming counterparty risk in bonds and currencies of crumbling governments. 6/
... and waged war on the very notion of saving, one of the most basic human acts, replacing it with forced speculation to avoid inflation. Restoring a true culture of savings, via #Bitcoin saving tech (as it matures) will lead to an economic and cultural renaissance. 8/
Alt-coins, including Ethereum, *may* achieve other things, but they are not even pretending to be saving tech. They cultivate a culture of hard-forking. As
@Excellion said, "Live by the fork, die by the fork." 9/
@Excellion said, "Live by the fork, die by the fork." 9/
Thus #Bitcoin is the *only* credible contender to become true savings tech, and win the "market" for savings. Savings is (almost by definition) the largest total addressable market on the planet. /11.
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Samson Mow @Excellion
ยท
Jun 3, 2022
Good thread!