Seventeen years later, Bitcoin has apparently failed because it became a boring store of value. Read that sentence again. There are fair criticisms of Bitcoin. The UX can still be awful. Self custody can be intimidating. Entropy is a new word that we all know now thanks to Coldcard. But dismissing criticism from a billionaire tech bro because you don’t like the messenger is lazy. Maybe he’s right. So let’s take the argument seriously. So.. dead cat bounce he says.. bring it. Price action isn’t some slam dunk on Bitcoin’s monetary properties. The price can fall without changing the supply cap, without changing its permissionless settlement, or your ability to hold the asset without an intermediary. Pretty useful, regardless of dollar denominated value. And “boring store of value” is supposed to be the gotcha.. cool story. A monetary asset becoming boring and treated as something worth holding is not the own you think it is. It’s about the least embarrassing feature actually. Yeah institutions changed the ethos. We HATE THAT. Us punks got Bloomberg. Some of the Saylor memes should probably be prosecuted. None of that changed the protocol. The CD/DVD analogy is not even clever, it has a hole big enough to drive a cyber truck through. Spotify replaced CDs by doing the same job better. Netflix did the same to DVDs. So show me Bitcoin’s Spotify. Don’t say XRP. It’ll make us lol. Show me the replacement that gives you scarce digital property, bearer ownership, global settlement, no issuer, and no one who can decide on Monday morning that there should suddenly be twice as much of it. Maybe that replacement eventually exists. Nothing gets a permanent crown. That title needs to be earned and defended, constantly. No one knows that better than the Bip-110 crowd. Speaking of … goes to show we’re not all orange koolaid sipping koombaja singing cultist afterall. Yes there will be disagreements. Yes things can get ugly. This is a feature, not a bug. But you can’t call something the CD before anyone has invented Spotify. And calling Bitcoin boring…. For money, boring might be the nicest thing anyone’s said about it. P.S. People keep vinyl for the memories. People are keeping this for their grandkids.
