The Truth About Bitcoin: A Comprehensive Thread Debunking Common Myths
This last week has revealed that despite growing institutional acceptance, Bitcoin remains highly misunderstood:
- Jamie Dimon claims Satoshi controls Bitcoin
- Vanguard claims bitcoin is too volatile and uninvestable
- UBS claims Bitcoin has no real world applications
In this thread, I revisit Bitcoin's most common misconceptions.
We are still early.
We think we have bad inflation in rich countries, but hundreds of millions of people are dealing with 30% inflation levels in developing countries.
Imagine trying to save with this level of persistent currency devaluation.
In this week's inflation roundup, #Cuba takes the 4th place. On July 14, I measured Cuba's #inflation at 85%/yr. Inflation rates as high as Cuba's make governments, even Communist dictatorships, vulnerable.
Forget what other people are doing, forget what theyβre doing wrong. Youβve got enough on your plate. Focus on yourselfβfocus on what you might be doing wrong. Fix that.
Bitcoin's hash rate continues to grow at an aggressive pace.
The most secure computer network in the world is getting stronger without a concern for financial market conditions.
Lightning Labs, run by @starkness & backed by @jack, announces a new protocol β Taro β that makes fiat to Bitcoin transfers faster, cheaper
@lightning also brings in new investors including Valor, Brevan Howard and @vladtenev as it seeks to βBitcoinize the dollarβ
π¦π· Welcome, Argentina! π¦π·
Today, we launch a superior financial experience to a country that faces hyperinflation, predatory payment networks, and unusable cross-border transfers
Today, we use the world's open monetary network, #Bitcoin, to give hope to the people of Argentina