While the rest of the “crypto” space was under fire, learning another lesson about self-custody and the downfall of centralization, Bitcoiners were having the time of their life at Pacific Bitcoin.
Bitcoiners were learning new ways to save more, grow our stacks, protect our wealth, and have a rip-roaring good time. If you haven’t done so already, check out this article I wrote about Day 1.
Which brings me to my Day 2 recap…
Day 2 of Pacific Bitcoin ended with Michael Saylor and Cory Klippsten giving a new, and inspiring trajectory for Bitcoin moving forward.
Saylor shared a story about how hard it was for him to buy Bitcoin but how banks are embracing Bitcoin. He also shared about more and more people are waking up to the fact that Bitcoin is not the same as FTT or Cel or any other “crypto”.
The gigachad himself stated that Bitcoin is the greatest monetary asset because of how powerful the computer network behind it is. While Bitcoin continues to survive because of its lack of central issuer, the rest of crypto is fragile.
Saylor also shared that right now is such a great time to get into Bitcoin because of how undervalued it is and because of its institutional adoption meaning that Bitcoin is not being banned. Hearing Saylor speak in person was inspirational in a time like this when the world is needing hope.
Before we heard Saylor share, we learned more about Bitcoin and the macroeconomic world with Lyn Alden and Preston Pysh. Lyn explained that Bitcoin is only growing and becoming a better and better money because of the decentralized network it operates on. The Bitcoin network is just more innovative than the current fed wire financial system. Bitcoin has better uptime and is more private, secure and censorship resistant. In talking about the current FTX situation, Lyn stated that all malinvestment inevitably have to die. Most of these “crypto” are just securities meant to enrich VC investors and would not pass the Howie test. Hearing Lyn speak from her macroeconomic background gave many Bitcoiners in the room affirmation that Bitcoin will only grow and is needed in the world we live in.
Here are a few other things that we learned in an action packed day 2:
Bitcoin is our insurance
While talking about Bitcoin and the debt markets, Greg Foss, along with Jesse Meyer, Shaun Cumby and Sam Callahan explained how the current fiat financial system is a ponzi scheme but Bitcoin is our insurance policy against this corrupt system. Bitcoin provides a decentralized financial system that allows users to be in control of their own money. The fiat system is highly centralized, extorts the working class and has resulted in trillions of dollars of debt denominated in USD. Buying Bitcoin is our insurance on the inevitable collapse of the fiat ponzi scheme.
Bitcoin Energy expenditure is energy well spent
In a chat with Natalie Brunell, Alex Epstein argued that Bitcoin energy usage is not wasteful as many “experts” advertise. While the fiat academia guilts energy usage, Alex Epstein and many Bitcoins believe that energy is life and that usage should not be limited. Bitcoin mining provides genuine value and even incentives renewable energy usage. Energy usage gives innovators an opportunity to innovate unlike certain figures telling their citizens to limit and reduce their energy usage. Bitcoin energy usage right now is simply a rounding error and Bitcoin will only use more energy as it shapes a bright orange future.
Bitcoin is undervalued
Brian Estes of Off the Chain Capital shared a few models and analyzed how Bitcoin is criminally undervalued according to many metrics. Not enough people are able to distinguish that price does not equal value. Bitcoin can be valued by its network and the amount of users according to Metcalfe’s law and Bitcoins value will only grow. Similarly the S curve can be used to value and distinguish the value of Bitcoin, which will only grow with new users. Bitcoin is also one of the scarcest assets and can be valued similarly to Gold and its stock to flow which would state that Bitcoin should be valued higher and will only grow in value along with its scarcity. Its simple, as Brian said, “Buy Bitcoin, then never Fucking sell”.
Pacific Bitcoin was amazing, awesome job by the swan team and everyone involved. I highly suggest checking them out here at Swan Bitcoin
