Here’s the response I sent Mike Green about his recent Bitcoin takedown interview (linked below):
“Inconceivable: a kid in 2050 will make a vlog on Nostr and get zapped Bitcoin by their peers.
Not everyone gave up on Bitcoin as a P2P payment mechanism. Usage is actually growing fast... you can't measure this directly because of Lightning's design. The financial engineering and speculation on top of whatever signal is lying underneath will eventually get wrecked. Bitcoin is consistently good for that... that much we agree on.
But the supply cap (while overemphasized) is not the whole story. You've glossed over long-term mining mechanics with your current elasticity observations, dismissing the potential of miners to be the new FORCED re-hypothecators of capital simply because block space demand is currently low.
I can't say it won't create some unjust kings along the way, but I'd love to understand how you think it's purely deflationary long term when there is a coded mechanism that consistently forces Bitcoin back into the market.
Is the current price justified? Who knows, man. You think the security budget completely fails at some point as it goes through these boom-bust cycles, while some people think the hydra lives on until it's run its course and transmuted itself into the heart and veins of a new financial system. People seem to be betting on chaos and against the current system. Can you blame them given the dynamics of passive?
The hydra's world might not be infinitely deflationary but instead have debt priced at EMERGENT interest rates according to the dynamics of the new infinite game: "Who is the most efficient energy re-hypothecator?"
I know... inconceivable. But I'd love to hear why beyond current elasticity/ETF observations (duh) and the not-so-sure bet of a long-term deflationary BTC system.
... and again would love to see you on Nostr, where intentionality is the only way you get to have fun. (But nobody can take the fun away from you once you've got it). Appreciate you.”