@ AVB

\~ The person came up to me from behind his merchandise stand and saw my Noderunners pin on my black t-shirt, then looked me dead in the eye and asked : “So… what do you sell?” *This is the eighth long-read in a series of twelve “food for thought” writings on Bitcoin. It was originally meant to be a few chapters in a book, but life’s too short for that.* ## **Define** Let me start by saying there’s no single way to define or explain a “Bitcoin conference.” The experience can vary depending on a few factors: who’s organizing it (a long-time Bitcoiner or someone from traditional finance trying to grasp Bitcoin), where it’s being held (a sunny paradise like Madeira or a gloomy northern French town), and who’s speaking (technical experts or charismatic entertainers or people with little substance). Despite these differences, there’s a shared culture that ties these conferences together: a mix of excitement, frustrations, and inevitable evolution. That’s what I explore. This is just my take, based on what I’ve personally witnessed and what I hear from my surroundings. It’s not meant to be a blanket critique of all Bitcoin conferences as there are plenty I haven’t attended, though I hear about most of them. Even the good ones will evolve into something else over time. So, plan accordingly. A bit of background on my perspective: at some point in my life, I hit a bump in the road that kept me tied to where I live — a bleak corner of Belgium, surrounded by fiat slaves, shitcoiners, and people who spend six hours a day consuming brain-numbing garbage television. Traveling is an exception for me, but for many Bitcoin conference attendees, it’s a ritual, a must-do event. So, I view these events with a mix of fascination and grounded skepticism — something I’ve found lacking in many Bitcoiners. I’ve never been to a Bitcoin conference before 2023, despite receiving plenty of invites over the years. From what I heard and saw in photos from friends who attended (even the real early ones) these events seemed eerily similar to the dull hotel conference rooms I once endured in tech and telecom. I’ve had my fill of lukewarm, watery coffee and lifeless speakers droning on about firewalls. So I skipped that particular honor. Up until around 2018, Bitcoin conferences were a soulless sea of chairs lined up under fluorescent tube lights, draining the life out of attendees—one telecom acronym at a time. Not exactly inviting. Yet, looking back from the perspective of 2025, those were the “pure” days. Back then, people like Roger Ver (before he pivoted to Bitcoin Cash), Andreas Antonopoulos, and encryption specialists spoke to small audiences, explaining Bitcoin in its raw form. But, like any Bitcoiner, I try to improve myself. So, I made the effort to travel, visit other Bitcoiners, and attend Bitcoin conferences. The conferences I attended in 2023/2024 made me a bit wiser ; not necessarily from what was said on stage (with a few lucky exceptions who still try to bring original thoughts). Most of what I learned came from the long queues, the drama, and watching grifters operate in real time and the good characters floating around. So, here’s what I’ve learned. <img src="https://blossom.primal.net/d49fdda9ecb03f04f6c778e5301c67cf2bb15ff3b8647d929cb1755a9f6660a4.png"> **Chain of ticket** I quickly discovered that many Bitcoin conferences have their own “quest for tickets” dynamic, almost like an industry with its own inner circle. It’s a waterfall system: tickets start at lower prices to fill up the venue (usually right after the previous edition). That’s standard practice, both inside and outside of Bitcoin. But what’s strange is seeing organizations that only pop up when a conference needs promotion—somehow securing tickets for themselves and their friends (or for \*making\* friends) while shilling referral links for small discounts to their followers. The real free tickets, though, are a hot topic in many local communities and make all the difference for some attendees. What’s particularly interesting is that most ticket prices can be paid in Bitcoin, adding a layer of calculation to the process. If you paid 230500 sats for your ticket and later see the dollar price fluctuate, say from $180 to $270, or the other way around, by the time the conference starts, you realize you either bought too late or too early.\ It’s better to not have bought at all. Some ticket holders end up paying less (in dollar terms) than others, making it a gamble. As the event date approaches, ticket prices tend to rise—unless you wait until the last minute, when they haven’t sold out, or just pay at the door. It’s a strange feeling knowing that not everyone paid the same amount (and as mentioned, a significant number get in for free) depending on their timing. Many organizations and local community representatives show up primarily to be present; securing free tickets, which function more as a badge of recognition than a necessity.\ It’s similar to how a rock groupie sees backstage access: a status symbol, whether for an autograph or something more. Being seen standing next to big names is a huge deal for some, as they derive their own status from proximity.\ This also reinforces the “rockstar status” that conferences create around certain figures, once they come out to take a selfie with some nice people and young fans, then to quickly disappear back to the ‘whale room’ or backstage. There’s often an entire insider network determining who gets these free tickets. In some cases, it’s naturally tied to the local community, but in others, the professionalism is laughably low. At certain events, you could probably just walk up to the entrance (if there’s even someone checking) and say, “I’m with the organization” to get in for free. It gets even more absurd.\ At a conference near the French-Swiss border, I was probably one of the very few who actually paid for entry. The real spectacle wasn’t in the talk rooms — which remained eerily empty — but in the dining area, where half the town seemed to have shown up just for the free food. Around 200 people queued for a free lunch, while the presentation halls were at best one-third full throughout the day. And beyond the ticket games, there are plenty of ways to slip in unnoticed. Carrying a random piece of equipment and mumbling\ “I need to put this crate in the back” can get you past security. Or you can just wait for the one security guard to get distracted by chatting up a girl or stepping out for a smoke, and you’re in. At one event, I walked in alongside someone carrying crates of wine for the VIP lounge. I blended in perfectly (I paid afterward). So, to sum up: at nearly every conference I’ve been to, a big portion of attendees either walk in for free or hold compensation tickets they got through some connection. Sometimes that connection is uncomfortably close to the organizers. Other times, they just slap an “industry” label on themselves when, in reality, they’re nothing more than a social media bio with a few followers. Local representatives of a podcast, community, influencer network, or fake marketing club also get in for free. And you? The regular guest, you and I are paying for them. There’s no real vetting process; with some organizers, anyone wearing a Bitcoin t-shirt and saying the magic words “I do community building” or “I know the local Bitcoin meetups” gets a free pass. The ones who actually want to learn about Bitcoin — the ones who click the link and pay full price — are the ones covering the costs for everyone else and ultimately making these conferences profitable (or at least break even). The problem? They’re the ones left wondering: “Was it really worth my time and money?” only to never return again most of the time. Because many of the people at these conferences aren’t there to learn. They’re part of the circus. And others? They’re the ones paying for the circus boss, the clowns, and the trapeze artists. At that one conference with the massive free-lunch crowd, I saw one interesting talk. And I had plenty of valuable conversations and observations — conversations I could have just as easily had by visiting that place outside of a conference setting. In the end, I realized the main reason I was there was to support a fellow Bitcoiner giving a presentation. And after that? They disappeared from my life. Because, just like in the fiat world, you’re only as good as your last few hours of usefulness to most people. Which brings me to the next element of Bitcoin conferences...friends **Bitcoin “frens”** This might be the hardest lesson of all: you meet fellow Bitcoiners at these conferences. And some of them? They’re truly special characters. A few even made such a deep connection with not-so-well-traveled-me that I would’ve gladly traveled a full travel day just to spend time working and doing something meaningful together (which I actually did). But most of these connections? They last only a moment. Few survive beyond the conference, mainly because of the vast distances— both in kilometers (or miles) and in the way we live our everyday lives. The Bitcoiners you meet at these events are, for the most part, just regular people trying to make ends meet in the fiat world while saving in Bitcoin. Or they’re chasing the Bitcoin dream or even find a job in the fata morgana of bitcoin jobs. They act like they belong, like a clown acting like he’s going to climb the trapeze. I respect that. But over time, I realized that many of them operate in Bitcoin mode; a kind of facade. Behind that front, that mask, most are just testing the waters to see if they can make it. And most don’t.\ Treating Bitcoin as a lifestyle movement, a career shortcut, or an identity, has its limits. Eventually, the real person breaks through. And you have to face your own instincts and personality.\ I’ve tried to be an acrobat, and ride the lion, make the audience laugh, but I’m still the seal who’s brought back to the cage after he balanced a ball on his nose. The quote “I’m Jack’s wasted life.” came to mind often when standing somewhere at a conference space. Self-doubting people stay self-doubting, owning Bitcoin or not. Emotional wrecks remain emotional wrecks — just with Bitcoin now. And when these masks slip off, you’ll see everything: the greed, the overconfidence, the longing for drama, the addictions, the narcissism, the energy-draining personalities, sleaziness usually with the ones who always say the right oneliners or wear the right Bitcoin merch to blend in. And you can love people for that. Everyone has flaws. Everyone has a price as well. But these Bitcoin “frens” can also hurt you badly. Because as Bitcoiners, we carry hopes. And hopes are like ants on a sidewalk, they’ll eventually get crushed.\ We long to meet people who see the same truth, the same vision of Bitcoin as we do. Some will act like they actually understand and do, they talk the talk for a while, as if they’re parroting a podcast. If you stay in the shadows - like I did for years - you won’t have to deal with these things. If you never try, you’ll never be let down. But you still stay in the imaginary basement, letting yourself down. That’s not the bitcoin style. We router around problems. Even if we stand amidst the problems (like a conference). But if you do? There’s a hefty price to pay — beyond just the money spent. It’s a cost paid in energy, emotions, and social interactions and above all: time. And once in a while, you’ll meet a friend for life. Just be prepared: Bitcoin is a journey that few people you encounter at a conference can take for longer than four years, or even four hours of conversation actually. And then, after navigating the social maze of Bitcoin conferences —the connections, the masks, the fleeting friendships, the smell of weed and regret — you find yourself facing an even greater challenge: the queue at a coffee stall. <img src="https://blossom.primal.net/26f00a14b1ff12ea82635f1fd659900a7a836d37591556a31fda91d8210dcff0.png"> ## ## \ The Soviet LN Queue It’s one of the most fascinating and frustrating aspects of every conference: the insanely long lines. Whether it’s for the toilets, a coffee booth, or some niche merchandise stall, you’ll see Bitcoiners waiting like it’s 1963 after a Soviet state bakery just got fresh deliveries. waiting for coffee Seriously, aren’t we supposed to be the pinnacle of free-market efficiency? Instead, we’ve somehow perfected the art of the long food lines. I remember people waiting in line for like 35 minutes to order a cappuccino! The usual culprit? A mix of payment chaos and the Bitcoin Orangepill mental issues in action. A large portion insists on using Lightning (as in "their preferred lighting wallet"), which would be fine except they’re fumbling with some exotic, half-working wallet because using something that’s actually fast might get them sneered at for being “custodial.” On top of that, vendors are juggling card payments, cash, various Lightning POS systems, and even the occasional cutting edge dudes trying to pay with an Apple Watch or worse, some newly released Lightning-enabled gadget that doesn’t work yet. And when it does work, it requires so much attention and Instagram footage that it takes five minutes just to hand someone a coffee while the guy pays with a lighting NFC ring on his finger, something you can't use ànywhere else ever. It’s cool. But not to anyone else than you. So, here’s a tip for the regular people, the rats that pay for all of this : sneak out. Then you find a small, locally owned café outside the conference, pay them in cash, and actually enjoy your food in a few seconds or minutes. If (and only if) they accept Bitcoin, great! Tip them well. Otherwise, just relax and have a conversation with a local, all the while inside the conference venue there are Bitcoiners filming each other struggling to make a payment with the latest Lightning-enabled NFC card or making the staff uneasy. Meanwhile, some poor 22-year-old café worker is trapped in an unsolicited podcast participation: “Wait, you accept tips in Wallet of Satoshi? Who told you that? I’ll explain it to you!” Or worse: “Hold on, I just need to do a quick swap… It’s an on-chain transaction, the last block was 19 minutes ago, can’t be long now… wait… umm… do you take VISA?” At this point, ordering a simple drink at a Bitcoin conference has become an unnecessarily complex, ego-driven performance. With long queues as a direct result. And don’t get me started on the story when 30+ bitcoiners walked in to a Portuguese restaurant without a reservation, and they all wanted to pay with different payment methods. It was like the Vietnam war. **Solution:** A tip for conference organizers and their catering : pick one Bitcoin point of sales system, set clear guidelines, and make everyone stick to them. Instruct people to adhere to the following : Pay with a (bank) card, cash, or Lightning and PLEASE decide beforehand which method you’re using before ordering your stuff! We prefer lighting. If you’re using Lightning, have enough balance on you wallet or get lost. Use a compatible wallet. (Provide a tested “approved” list and train staff properly. Users who use other stuff get their order “cancelled” at the first sign of trouble. Your app‘s not scanning, or not compatible, or it has some technical mumbo-jumbo going on to your vpn LN node at home 2000 km away? Please get real and pay with a bank card or something. No filming, duck-facing (like it's 2017) or stupid selfies with your payment. It’s been done a thousand times by now. There are people in line, waiting behind you, they want to order as well, while you have your little ego trip or marketing moment. Move on please! “Our staff knows how bitcoin payments work, you don’t need to #orangesplain it to anyone.” We don’t care about your 200th LN app or the latest “but… this one is faster” thingy. Order your drinks, pay and get out of the way please. Bitcoin fixes many things. But it hasn’t quite fixed this yet. The bitcoin conference axiom Going to a conference, versus keeping your bitcoin in your wallet is a tough choice for many. If you pay nothing for tickets and lodging, while enjoying free meals and cocktails, your opportunity cost drops close to zero —yet your networking and social impact are maximized while you can also do business. That’s ideal. At least, for you. In such case, Bitcoin may only "win" over an extended timeline, but for you, it's essentially a free ride. You incur no real opportunity costs. You drink their milkshake. On the other hand, if you’re a regular attendee, you pay full price: the ticket, overpriced drinks and food from the stands (losing even more if you generously pay for coffee in sats), plus extras like t-shirts and books (which you’ll never read). Your milkshake gets taken—at least half of it. If you’re lucky, you might spend an evening in town with the event’s "stars"—those occasional luminaries who briefly grace the normies with their presence for a drink. Some can’t even hold their liquor. Year after year, the same 10 to 15 speakers or panelists appear, funded by your dime, traveling the world and enjoying the perks—some even cultivating fan bases and hosting exclusive parties. The real opportunity cost hits hardest for regular attendees who come to learn, shelling out significant money while accumulating their fourth hardware wallet or yet another orange-themed t-shirt. They might even squeeze in a selfie with a former sportswear model turned Bitcoiner. For normies (as they’re often called), the financial and social scales rarely tip in their favor. **Calculating the conference opportunity cost** To determine the opportunity cost of attending a conference instead of investing in Bitcoin, over time follow these steps: 1. Calculate your total conference expenses, including tickets, travel, food, drinks, and lodging (merchandise and donations). 2. Estimate Bitcoin’s percentage gain over the conference period and the following year(s). (in order to not make you cry, I suggest nog going over 5 years) 3. Multiply your total conference cost by this percentage to determine the potential Bitcoin profit you forgo. 4. Assign a dollar value to the networking or business opportunities you expect to gain from the conference (if you’re not just in it for the laughs, meeting high-class consultants, friendships, self-proclaimed social media Bitcoiners, or the occasional gyrating on one of the musicians/artists/food stall staff members). 5. Subtract this “networking” value from the missed Bitcoin profit to find your net opportunity cost (this is rather personal,… with me it’s zero, but for someone selling t-shirts it’s probably much more). If the result is negative over the chosen timeframe, the conference was financially worthwhile for you. If positive, holding or buying Bitcoin was the smarter move. Unless you’re a recognized speaker in this traveling circus, your opportunity cost will likely be positive — meaning all the others lose hard money, while fumbling with your Lightning wallet. The Conference Opportunity Cost Formula Let: CT = Total conference ticket & entrance cost (in dollars) CR = Total related conference costs (travel, lodging, food, etc.) C = CT + CR (Total cost) G = Bitcoin’s % gain per year (as a decimal, e.g., 5% = 0.05) N = Estimated fiat value of networking/business opportunities and knowledge gained. ### OC = (C × G) − N Where: OC (Opportunity Cost) &lt; 0 → The conference was worth attending. OC (Opportunity Cost) &gt; 0 → Holding/buying Bitcoin was the better move. Some example calculations (I've left out examples before 2020, I don't want people crying or waking up at night thinking "Why did I go to Amsterdam in 2014?!") example : Conference in April 2024 Entrance: $200 Lodging, t-shirt, and travel: $900 Bitcoin's estimated gain: 23% (0.23) No business / knowledge value gained OC = (200 + 900) × 0.23 - 0 - $253 OC (Bitcoin would have been the better choice.) Conference in April 2020 (adjusted for historical Bitcoin growth) Entrance: $175 Lodging and travel: $700 Bitcoin's estimated gain: 1089% (10.89) No business / knowledge value gained OC = (175 + 700) × 10.89 - 0 OC = +$9,529 (Massive missed gains — Bitcoin was the clear winner. \-- So the first lesson in bitcoin should be: Only attend conferences if you get paid to do so and get a free ticket and free lodging, which kind of would kill that whole industry to begin with. ### Energizing At first, it’s energizing to meet like-minded bitcoiners, but after a while, you realize that a big chunk of them are just trying to sell you something or aren’t really bitcoin-focused at all. And some of them are just looking for their next way to kill time and boredom. The drama that comes with attending these conference and the personal interaction can get pretty intense at times, since expectations often don’t match the personalities. Before you know, you’re walking around at night through some bad part of a town, while crying your eyes out because you thought you found your soulmate. Future pure industry conferences will suffer less from this drama, because everyone there has the same goal — pushing their company or product— while the “other” grassroots conferences are more of a meeting spot for bitcoiners of all types and perspectives, bringing the usual drama and mess that comes with human interactions. Current conferences are a mix of both usually. I think the current era of bitcoin conferences is coming to an end. Soon, probably by the end of 2025, we’ll see a clear split between industry-driven and human-driven (grassroots) smaller conferences, and it’ll be really important to keep these two separate. I even had the idea to launch a sort of conference where there wouldn’t be any industry speakers or companies present. Just bitcoiners gathering at a certain place at a specific week and having a good time. I called it “club Sat” And you could just go there, and meet other bitcoiners, while acting there was a big venue and speakers,… but there aren’t any. Would be refreshing. No struggle for tickets, no backstage stuff, no boring talks and presentation,… just the surroundings and the drama lever you want and probably like. ### On stage The podium is usually left for the known names. Not every conference is like that, but most of them need these names, badly. These names know each other, they encounter one another in VIP rooms and “the industry” a lot of times anyway. The same people you see in the bitcoin news, the same people having a cult following, and the very same people traveling, staying and drinking for free while spreading the same bitcoin wisdoms will be invited over and over again. Or… they go rock around as they’re usually so bored they had to start a rock band to entertain themselves. Which is rather entertaining if you’re following up on who does what, but in the end it’s largely just for their own amusement and it shows. I get that. I would do the same. It’s fun and all. It’s just a bit sad that there are only a small group of top-layer speakers, and then the sub-top that usually has more to say, or gets little opportunity. The reason for that is simple: the “normies” who pay in full for tickets, come there for the “big” names. They don’t know that much about bitcoin usually, so they’re not waiting on some unknown dude explaining something about an obscure niche subject. A debate can help remedie this, to mix it in with some lesser known names, but I have the feeling the current “line-up” of bitcoin conferences feels like a rock festival in 2025 putting the Stone temple pilots or Creed on the card. Yes, they’ll attract an audience and do their playset well,… but it’s not exactly the pinnacle of the music industry at the moment, neither is Madonna by the way :) ## Promoting anything The people organizing these events usually aren’t Bitcoiners either — they’re promoters (few exceptions though). <img src="https://blossom.primal.net/f478bf793b2048a51a15ceab5b8384abdb8d00c6d7c3cdd16731f5379cc1417d.png"> They don’t care if they organize a symposium about a newly discovered STD, A three-day cheese tasting event, a Star Trek convention, or a Lucha Libre wrestling tournament featuring El HODLador, as long as they can sell tickets and make money from merchandise they're good. The last thing on the mind with some of them will be helping bitcoin adoption. There will be a time (soon) where people that know bitcoin, known bitcoiners and know how to organize events get their act together. It will be different than the early days, and it will be different than the boring going-through-the-motions conferences we have now. There shall be fun, social gatherings, life, excitement and culture, and not the “what do you sell?” atmosphere, neither the “this old dude on stage again”? That’s why they’ll slap any semi-famous name on the poster to pull in a crowd - could be a washed-up Mexican wrestling star with strange legal issues, the cheese-tasting equivalent of Usain Bolt, or your neighborhood Bitcoin old-timer with a beard and a "best selling author" label. It’s also why most of these conferences end up being more about shitcoins than anything else. And even if they're for the most part about bitcoin, the venue is usually infested with marketing budgets, useless organizations that wanted complimentary tickets (some of them do only one thing: popping up when a conference is nearby and then they’re gone again) ... along with some hawking consultant types you never see anywhere else. They'll occasionally pay people but usually in fiat, or if you're a bigger name, you might get other deals. For artists or staff, it's all in fiat from what I heard. Pure Bitcoin conferences, also rely on these big names. Whether it’s a well-known Bitcoiner, a CEO, president, or someone with real reveling knowledge to share with the audience (though that last type is getting rare). ### **Looking for love in all the wrong places** \ Let’s also address the fair share of “orange diggers” at Bitcoin conferences—because yes, they exist. And no, let’s not single out one particular gender here. Some people treat a Bitcoin conference like a live-action dating app mixed with a financial vetting process for potential partners. It’s essentially an opportunity to inspect and assess the grab bag of fintech, crypto, and Bitcoin folks in real life. And if you think this is exaggerated, just attend a few conferences—three is enough. You’ll start noticing the same people popping up, seemingly without any real Bitcoin knowledge, but with a very strong interest in dining, chatting, and generally being around—as long as you look and play the part. I can only imagine how dialed-up this effect must be at a shitcoin conference — probably like flies on a cowpie. The trick is, in Bitcoin, these people try to blend in. Some even tag along with real Bitcoiners, while others just crash the party and try to get noticed. Their actual interest in Bitcoin? Close to zero. Their main target? Your wallet, or some fantasy thing about getting to know someone out of the ordinary. And that’s a shame for the people who genuinely care about Bitcoin, who want to network, or who simply are looking for like-minded people. They often find themselves competing for attention with those who’ve turned “being noticed” into a sport, while the rest just wander around, lost in the shuffle. Talk to the quiet ones. Certainly if they look like they belong in a antiques shop. My advice: Talk to people and be genuine. If you don’t know much about Bitcoin, that’s fine - nobody expects you to be a walking whitepaper and on top of that, most people you'll encounter don't know that much either. It’s bitcoin: we’re all rather average people that hold an extraordinary asset. Just don’t be "that orange digger" looking for a partner with a loaded bag of bitcoin. Because in the end, what’s the prize you win? You don’t know who’s under the mask. You don’t even know who’s under your own mask. Finding a man or woman at a place where half the people are laser-focused on financial sovereignty, and the other half are busy arguing about seed phrase storage, UTXO management, and why your Lightning wallet sucks? But good luck with that. The judge of character usually comes when they find the next shiny object or ditched you standing in the rain at the entrance of a restaurant while dealing with a lightning watchtower or a funny cigarette or whatever. If you’re truly looking for love, maybe stick to going to a normal bar. If you’re here to learn, connect, and be part of something of a grassroots movement, then be real yourself. I've seen some rather nasty examples of people at Bitcoin conferences—of all kinds. And I've also seen some really cool examples of truly awesome people. This led me to believe that Bitcoin conferences simply let you meet… people, just dialed up a bit. Future If you encounter rotten people, they’ll usually be even more rotten than in the fiat world. If you meet really cool people, they’ll be even more awesome than the cool people in the fiat world. Our volatility is our freedom. So, I guess it’s normal. Doesn’t make it any easier, though. Bitcoin sees through bullshit, and so do Bitcoiners (even if it takes 21,000 blocks) Pretty soon, I reckon we’ll see conferences fork into two camps: grass roots, and the “industry” level ones. (human / corporate) I guess I’ll only attend the human part, for sure, but I can’t help but booking myself a single room in a hotel in a nice area in that case, so I don’t have to deal with class of 2022 hippies sharing referral links to their middleman service while asking me for a lighter 3 times in a row. The chances for me of meeting cool bitcoiners in a nearby cocktail bar are a lot higher. In the meanwhile, I’ll look forward and see how the bitcoin conferences will evolve, fork in two “styles”. One corporate and one underground. Maybe there will be one more genre just for the fun of it. I’ll stay away, as I don’t like this current mix of industry gigs and having the insiders and “the rest” of us all mingled together clamoring for tickets, attention and coffee. The game is rigged. Staying at home is the better option (for now). written by AVB If you like : [tip here](https://coinos.io/allesvoorbitcoin/receive)