Thread

🧵2/4 Other than human life itself, I contend that all value is subjective and “intrinsic value” is a myth. People will go to great extremes to extend human life. Nothing is more central to preserving life than oxygen. However, basically no monetary value is placed on oxygen. People are the ones who assign value. Circumstances, competition, and technological changes cause people to value things differently over time. Monetary systems facilitate transactions, providing a means to measure value.

🧵3/4 For millennia, Gold has been considered a reliable monetary system. Many of Gold’s properties like scarcity, verifiability, durability, & divisibility, lead people to rely on it for transactions. The characteristics of Gold are what gave it value as a monetary system. Bitcoin is computer code, not tangible like gold, so the value may be harder to grasp. But like gold, Bitcoin’s characteristics are what give it value as a monetary system.

🧵4/4 However, Bitcoin’s positive characteristics far surpass Gold’s. In addition to verifiability, durability, & divisibility, Bitcoin offers perfect portability, absolute scarcity, censorship resistance, and is subject to a full audit every 10 minutes. Bitcoin will be valued based on its positive characteristics, and that perceived value will increase over time. Bitcoin is the future of money. It’s free from inflation and censorship. It’s governed by math and code, not governments or any company. We are far beyond Satoshi Nakamoto’s famous quote, “It might make sense just to get some in case it catches on.”