Caitlin Long 🔑⚡️🟠
Caitlin Long 🔑⚡️🟠 2 minutes reading from Bitcoin

Breaking News: Bitcoin Is Starting to Get Engaged

1/ WOW--pageviews on this kinda viral. Thanks all!🙏 2 reactions to comments: A) ppl seem surprised that I'm talking abt bitcoin as pymt tech, not as an asset. Not new. I've always said price is the LEAST interesting aspect of BTC + been critical of its leveraged financializers

2/ Leverage-based financializers & esp criminals & fraudsters set the industry back + manipulated secondary market price (bitcoin became WallSt's latest plaything🤮). "Play stupid games win stupid prizes" as saying goes. Hope everyone learns. Innocents: sorry for your losses.

3/ More interesting=those asking me "why warn the banks?" 3 things: on/off ramps btwn USD & BTC still matter (there aren't many & they're at some risk of regulatory crackdown); banks aren't going away as fee-based service providers/safeguarders of property; & we're not ready yet

4/ The latter is key & best explained by analogy. Look at what's happening to countries pushing too much renewable energy too soon. Problem: renewables aren't yet sufficiently scaled. Same problem w/ bitcoin/LightningNetwork. It's happening but we have more scaling work to do.

5/ It's coming tho. Just look at who's already all-in on LightningNetwork (eg, @jackwho has proven his ability to deliver financial products that run circles around those of legacy banks at @Square as just one example).

6/ Last thought: do you think that, if I believed hyperbitcoinization would happen tomorrow, I would be spending time building a new breed of bank? 🤔 @custodiabank is a "dada-bank" (like "databank" a dollar-and-digital-asset bank, which bridges the two in a safe & sound manner)

7/ No one can predict the future perfectly, but we can see megatrends coming. IMHO it's pretty clear that Bitcoin as internet-native payment protocol is going to "tip" as it scales w/ LightningNetwork. Whether banks get left behind is a question whose answer isn't yet known.

This post is based on this twitter thread.

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