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Bitcoin
is just over 16 years old.
Perfect for Peter Schiff.
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Around 550 BCE, Pythagoras realized mathematical truths can exist independently of physical reality. In 2008, Satoshi realized that you could have digital scarcity independent of any counterparty.
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Who's next year's guest of honor at Bitcoin 2026 Las Vegas? Wrong answers only.
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Had a dinner party tonight and tried to orange pill a few people again. One of them I had tried a few years ago at 30k and he got stuck on the concept of “I understand stocks I just don’t understand Bitcoin” Another one, highly intelligent, focused on the fact that “Bitcoin has failed as a means of exchange”. A third one suggested that “gold had scarcity going for it” and seemed unconvinced when I suggested bitcoin was more scarce. People construct the narratives around their gut feelings. You either see it or you don’t.
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"Rail travel at high speed is not possible because passengers would suffocate." (Dr. Dionysius Lardner, 1830s) "This 'telephone' has too many shortcomings to be seriously considered as a means of communication." (William Orton, 1876) "Heavier-than-air flying machines are impossible." (Lord Kelvin, 1895) "The wireless music box has no imaginable commercial value. Who would pay for a message sent to nobody in particular?" — David Sarnoff’s associates, 1920s, rejecting radio’s potential "There is no reason anyone would want a computer in their home." — Ken Olsen, DEC founder, 1977 "I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse." (Robert Metcalfe, 1995) "Bitcoin has no intrinsic value and will go to zero within 10 years." (Eugene F. Fama, 2018) "Quantum computers cracking ECDSA? Not in this century." (Schneier, February 9, 2022).
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In his new book, "How Countries Go Broke" Ray Dalio states the core function of banks is to "match lenders and borrowers, earning a spread". I will add: "That function is being completely replaced by Bitcoin and DeFi." Banks are obsolete. 🧵
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