I had dinner with a friend on Saturday night, who is a man of financial means, and who was curious about Bitcoin. Over the course of an hour, I took him deep down the rabbit hole!
He said he has been hearing about Bitcoin, but didn’t really know anything specific about it and let me go on at length about how convinced I am that Bitcoin is revolutionary on a number of levels, and that it feels inevitable that it will succeed.
While I know I still have so much to learn, I was happy to find that my many hours of studying Bitcoin came in handy, as I covered topics such as:
Why the tech is so amazing, having brought together years of work by many people, into a single incredible solution (especially how it solved the “Byzantine Generals Problem” related to double spending).
Bitcoin's decentralized nature, and how it is incomparable to any shitcoin, and how this makes it nearly impervious to being changed by any possible attacker (governments, bad actors, etc)
How it is deflationary, and capped at 21 million Bitcoin (vs the unending supply of fiat currency).
The transparency of the Blockchain and how it is a single source of ongoing truth, which is protected by those running nodes.
How game theory is built in, already playing out, and will continue to increase among governments, businesses, individuals, and more.
My belief in the inevitability of Bitcoin as the native currency of the Internet; something that has not existed prior to now.
How El Salvador has adopted Bitcoin as legal tender, with other countries expected to do the same in the future.
How Millennials will be inheriting significant wealth over the next few years and are very comfortable with tech and spending on digital goods, and who largely feel that the current economic system is not going to help them succeed financially.
How it is “Number Go Up” technology, as there will always be limited supply, and demand will continue to grow year after year.
How there are billions of unbanked people around the world who can adopt Bitcoin.
How Bitcoin is divisible so you can buy Sats vs having to only buy full Bitcoins, which is similar to if you could buy, say, 1/1000th of a building in New York City (which you can’t do).
How Bitcoin is digital property and something that you may never want to give up, due to its scarcity, possibly passing down to your descendants
defendants(as you would other property if value that is unique and rises in value over time (such as things like real estate, or fine art).How Bitcoin can move out time preference, as if people have a place to store the value of their work/efforts, then they can spend time creating work of real value vs having to make higher risk investments to try to outpace ongoing inflation (which takes away the value of their fiat money year after year).
That large financial companies, such as Fidelity, are starting to inform their customers about the potential value of Bitcoin.
That some even think Bitcoin could help reduce wars.
I never told him to buy, or that he'll get rich, but to do his own homework and make his own decision**.**
He asked, is there a book or something I should start with and I recommended "The Bitcoin Standard".
When we were leaving the restaurant I said "You will thank me some day".
The next morning he sent me a picture of himself holding "The Bitcoin Standard", having gone out first thing in the morning to buy it. (-:
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