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@ Arthur Amendt
2025-03-01 12:24:49
Technology adoption has been hard for a lot of people to understand. Tucker this week finally understood why gold became money. He finally understood that hard money drives out money that isn’t scarce. Still, most people don’t store their wealth in the hardest money ever made—Bitcoin.
Yes, Bitcoin went down 20-25% this week. How can the scarcest asset vary that much? Humans tend toward emotion—fear or greed. I am no exception, but if you have a plan or have been here before, you can control your emotion.
Let me illustrate. I installed a camera on the barn this week so I could save time checking on the cows. Lo and behold, the WiFi wasn’t strong enough, so I bought two outdoor access points. Whenever I would add them to the house, the WiFi mesh system would cause my internet to go down on the main computer. Fear of losing internet was causing me to consider taking a $100 write-off on my idea of saving time. Because I have solved networking issues before, I had the courage to be greedy and keep working at it. I know a lot of people would give up on technology and throw their cell phone in the snowbank - my neighbor does that. He usually comes back for it because he likes communication. Is a cell phone a feature or a bug? Answer… both.
What Satoshi solved 16 years ago was how to move 1s and 0s to different devices and keep them secure. What Vint Cerf solved 35 years ago was how to route 1s and 0s and have the packets arrive at the intended destination. Both Bitcoin and the Internet rely on people not throwing their cell phone in the snowbank.
This last drawdown in Bitcoin has given me hope that people will start to understand technology better and give up on Sol and Eth. Finally, people are realizing that printing digital coins doesn’t help people, just like printing Canadian dollars doesn’t help the average Canadian get ahead. It could be that Sam Bankman-Fried is in jail, but I think it has more to do with people starting to get comfortable with technology.
https://youtu.be/fxWZO0FEQ1g