TD₿: The Number Zero and Bitcoin by Robert Breedlove
TL;DR The invention of digital scarcity is a once in a lifetime invention that happened almost exactly 13 years ago with Bitcoin.
Hey Bitcoiners,
Bitcoin is the invention of digital scarcity and, much like other breakthrough technologies such as electricity or the internet, it will change everything.
A common misconception is Bitcoin will be disrupted by one of these other thousands of alternative cryptocurrencies. What this thesis fails to recognize is Bitcoin’s “path dependency”.
Path dependency means that the sequence of events matters just as much as the event itself. Once you start down a path, it is difficult to change course.
A common example of this concept is electrical outlets. Once everyone adopted a standard outlet, and all electrical appliances were manufactured to fit that standard, it became very costly to change that standard.
Robert Breedlove explores this idea of path dependency and makes an incredible comparison between Bitcoin and the number zero in this blog post (03/28/2020).
Since Bitcoin was the very first successful digital money invented, it has been on a path of becoming the globally accepted standard of value ever since.
This natural process of adoption is impossible for other alternatives to replicate, and makes Bitcoin extremely resilient to disruption.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Bitcoin is a path-dependent, one-time invention; its critical breakthrough is the discovery of absolute scarcity—a monetary property never before (and never again) achievable by mankind.” - Robert Breedlove, Host of the “What is Money?” show.
Meme of the Day
