Nic's Unpopular BTC Opinions @[email protected]

Bitcoin's growth may not suppress its volatility. Plenty of valuable things are volatile. Its supply inelasticity effectively ensures that it is always will have some volatility

Lightning has a reasonable chance of not working. I think that's fine

Satoshi was flawed in many ways and failed to anticipate the eventual development of the protocol. This is fine. Satoshi was not infallible and fetishizing his/her vision is a doomed prospect

Many Bitcoiners lack the mettle to continue to support Bitcoin when the going gets tough and it becomes more regulated, criminalized, and so on.

Lightning has a reasonable chance of not working. I think that's fine

Bitcoin banks are appropriate and inevitable, as is credit creation on Bitcoin

Bitcoin developers are not unimpeachable. They have no special purchase on traits like the economics of bitcoin, and their proximity to the code might actually impair their ability to take a 10,000 foot view of the system

Economic nodes are not made equal. Nodes connected to exchanges do have more political weight. However threats to partition the network are compelling and only a minority of users need to threaten for it to work.

The next high-profile negative mention of Bitcoin in the press (i.e. 'ISIS uses Bitcoin!!!') is very likely to be a false flag. The default assumption should be false flag

Bitcoin developers are not unimpeachable. They have no special purchase on traits like the economics of bitcoin, and their proximity to the code might actually impair their ability to take a 10,000 foot view of the system

Economic nodes are not made equal. Nodes connected to exchanges do have more political weight. However threats to partition the network are compelling and only a minority of users need to threaten for it to work.

The role of a Bitcoin evangelist should be to manage expectations, not to inflate them

It is right to characterize Bitcoin as political. It is deeply political.

Bitcoin isn't guaranteed to pump in a global recession. It will probably sell off

The next high-profile negative mention of Bitcoin in the press (i.e. 'ISIS uses Bitcoin!!!') is very likely to be a false flag. The default assumption should be false flag

Bitcoin has a definite culture, but the folks protesting Bitcoin's culture present a caricature of it.

It is appropriate to question Bitcoin's long term sustainability.

Bitcoin isn't guaranteed to pump in a global recession. It will probably sell off

The chief value of bitcoin is not in hashpower, the community, or the software, but as a fairly and widely dispersed UTXO set

Bitcoin isn't a panacea for the world's evils. It's just one tool. Monetary policy is not the root of all evil, it's just very prone to mismanagement