Simple Steve 🌌

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@SteveSimple

Half bar owner, half bitcoiner, half mathematician. I’m very good at one of these

Raleigh, NC utxo.pro Joined February 2018

2 Following 6.1K Followers 8.3K Posts

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Simple Steve 🌌 @SteveSimple Jul 24

Take a moment and reconnect to the soul of Bitcoin

🎵
When the Cypriots were losing faith
That’s when I learned about the blockchain

I still remember how it all changed
When Satoshi said…

Don’t you worry
Don’t you worry, child

Bitcoin has got a plan for you
🎵

3:30

Simple Steve 🌌 @SteveSimple 2h

Hot Take - ETF ownership of Bitcoin is a speculative hollowing-out of the asset in the same way that corporations buying up all the houses in the city and leaving them empty causes the city to die

Simple Steve 🌌 @SteveSimple 9h

Think of it like real estate. There’ an original desire for real estate - to live there. That original desire plus the scarcity makes the NGU. If the original desire dies, and people buy real estate for NGU only, it becomes a fiat ponzi that will eventually crash

hodlonaut Verified account @hodlonaut 13h

NGU was never the beating heart of Bitcoin. It was always a side effect of people opting into something that could not be inflated, seized, censored, or politically allocated. Decentralization and unfuckwithability were the heart and the product; the price was the market’s delayed and ever increasing recognition of that product.

When the properties that made it unfuckwithable are no longer being defended, the downstream effect of NGU stops being reliable. Capital that once had to accept the hard constraints can now get a diluted version through centralized vehicles, while the base layer itself drifts toward the same political and economic capture it was built to escape.
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Simple Steve 🌌 @SteveSimple 2d

Everyone: you need to update to v30+ so you’re not affected by the bug

No one: the bug was only introduced into the code two years ago. You’re not affected by the bug on v27-

Simple Steve 🌌 @SteveSimple 2d

Thinking the latest software is the most reliable is like thinking the newest car is the most reliable