Is Everything Good For Bitcoin? with Christian Keroles SLP549
Feb 13, 2024
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Christian Keroles from HRF discusses monetary maximalism and bitcoin. They talk about the different perspectives on monetary maximalism, the nuisance level of spam in bitcoin, what bitcoiners are getting wrong on personal finance, the fallout of bitcoin developments, the debate on filtering in bitcoin, the emergence of the runes protocol, and bitcoin's winning streak.
Bitcoin adoption is driven by the practical benefits of a better system, not equity.
Monetary maximalism is an observation of economics, not a preference.
Objective measures and network usage should be prioritized over personal beliefs in assessing Bitcoin's growth.
Deep dives
Bitcoin adoption and equity
Bitcoin adoption is not about equity in practice but in the end result of a better system. The importance of accuracy in discussing monetary maximalism is highlighted. Monetary maximalism is seen as an observation of how economics and data work, not a preference. The discussion revolves around the shift in the popular definition of monetary maximalism and how it has become a debate or a preference. It is argued that Bitcoin's permissionless emergent technology allows the best ideas to emerge and that the network and economics of Bitcoin will ultimately determine its success.
Ordinals, BRC 20, and Bitcoin development
The emergence of ordinals, BRC 20, and other developments in Bitcoin are explored. It is acknowledged that while there are negative aspects to these developments, they also showcase innovation and ingenuity. The discussion delves into the economic dynamics and potential consequences of introducing filters to address spam and ordinals. The importance of objectively measuring Bitcoin's growth and adoption is emphasized over narratives and personal beliefs.
Challenges and considerations in Bitcoin development
The challenges and considerations in Bitcoin's development are examined. These include the debate between filtering and non-filtering approaches, the impact on the ease of running a Bitcoin node, and the concerns regarding narratives that disrespect the work of protocol developers. The need for a nuanced understanding of Bitcoin's anti-fragility, its economic underpinnings, and the importance of observing objective measures such as network usage and adoption is stressed.
The Importance of Clarity and Time in Bitcoin Adoption
Bitcoin adoption takes time and it is crucial to have clarity amidst the confusion. The speaker emphasizes the need to convert individuals one at a time, understanding that we live in a confusing world. While it may be tempting to rush the process, taking the time to educate and convert people is the key. This process requires patience and the speaker cautions against getting caught up in martyrdom or making hasty investment decisions. Instead, focusing on gradual conversion and utilizing the ultimate conversion mechanism over time.
Understanding Ordinals and the Dewey Decimal System in Bitcoin
The podcast discusses the concept of ordinals, specifically the Dewey Decimal system for Bitcoin. The speaker shares personal biases and observations related to ordinals and its various aspects. While some confusion exists within the Bitcoin community, the speaker clarifies that ordinals is specifically the Dewey Decimal system, and there are other elements that are often mistakenly conflated as ordinals. They also highlight the importance of distinguishing and understanding the different components of the ordinals ecosystem. The speaker shares their positive view of ordinals and its potential for Bitcoin adoption, emphasizing utility and virality over education and best practices.
