In my previous article, I wrote about how Bitcoin has lost the plot—how the original goal of digital currency has been corrupted by human greed and dependency on the current financial system. However, at the beginning of that same piece, I alluded to clarity around what needs to occur for true success to be achieved.
In the timestamped video above, Dr. Craig Wright emphasizes on how important Bitcoin scaling is to reach 5 billion users. He also states that once Bitcoin becomes big by being used, “no government stops it, no company takes control.” This assertion is a stark contrast to the conclusion of the previous article that chastised how the current beneficiaries of Bitcoin’s price rise begging the government to stop regulating Bitcoin, under the premise that their actions could possibly invalidate the technology.
To anyone who is not blinded by dollar signs and truly understands the system, the idea that government compliance is necessary for the innovation and/or preservation of one’s wealth is absurd. Fundamental concepts such as production, effort and perseverance are not going away because of “Number go up.”
Just because some believe it is OK for people to stay at home all day, constantly checking their Coinbase account, refreshing price charts and NFT marketplaces in hopes of suddenly become rich does not mean this activity is sustainable. Not even the government can deny inflation at this point, but we need to realize inflation has affected all asset prices as well as the digital currency markets.
If an altcoin one has HODL’d rises 30% in one day, but gas costs also rose 30%, what is achieved?
To be clear I am not criticizing the speculation on cryptocurrency prices. I believe it is totally valid. As T.K. Coleman and I discuss there are actions one can take to move forward while actively speculating (and no, not just BUIDL):
At this point, production of applications that can only be built using the Bitcoin technology are necessary for Bitcoin to succeed. Tokens and NFTs are great, but to preserve true value over time they need projects and constant innovation behind them. Applications that require one to obtain Bitcoin to use is the primary means of gaining adoption. Despite all the innovation in FinTech, they still cannot execute micropayments the way Bitcoin can.
To achieve this is going to be hard, is going to require discipline, is going to require work. The current world conditions are coaxing people into believing this is not true. But one must realize that the reason we have rising prices in goods and services is not simply because of money printing but because of a lack of production. Whether one is afraid of getting sick, is purely lazy or would rather scroll social media all day does not change the fact that crops must be tended, cattle must be raised, and product must be shipped.
Fortunately, products are being shipped on Bitcoin SV but it’s not enough. We need many, many, many more. The verdict of a court case is not going to make you rich. A black swan event is not going to make you rich. To build true wealth is to have discipline, constant effort and endure. Bitcoin does not ‘fix’ this, but this can fix Bitcoin.
Watch: CoinGeek New York presentation, The Path to Bitcoin Adoption: How to Turn the Entire Web into Bitcoin Apps
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.