Writing weekly long-form posts here: zeneca33.substack.com

- Stop trying to impress people. This is just good general life advice, but it applies triply so to this space. Wanting to impress your friends and family is one thing, wanted to impress random anons on the internet? Insanity.

- There’s Bitcoin, and then there’s everything else. It took me too long to truly realize this. Yes alts can and will occasionally outperform - sometimes for long stretches of time - but basically everything bleeds to Bitcoin over the long run. 

- Most people try to outperform Bitcoin by trading these alts; probably leas than 5% of people can actually accomplish this. It’s like trying to outperform the S&P 500. Most people are better off just buying the index.

Great thread, though I truly believe that those Bitcoin takes are just other versions of herd mentality and hindsight bias. There are no logical or fundamental conclusions when it comes to Bitcoin. Simply because of its failing security budget, which, ironically, nobody ever talks about, or just hand waves away.

If you believe Bitcoin is digital gold and will outlast civilization, then think again. Gold doesn't need a security budget. Bitcoin does eventually.

What we should be saying instead is that there is Ethereum, and then there is everything else.

This is the alt account of Sister Hazel. Writings at https://powerlaw.systems. Curating https://protocol-particles.github.io.

is there anything stopping someone from forking btc and adding eip 1559 in once security budget becomes a real issue?

i assume that’s how this plays out in the future 

a reverse bch if you will

My intuition would be that 1559 is only useful for a chain that is being used. Bitcoin tends to have periods of empty blocks.

But any specifics aside, the issue has always been the adoption of something new. There is this idea of purity and legitimacy around Bitcoin, which is exactly what will upend the entire thing eventually by my estimation. You can fork and do all sorts of things, but nobody will care. (until it is too late)