The Money Isn't Fixed Yet

Well we did it, 100k Bitcoin is here. I’m sure quite a lot of you are quite happy with where your net worth is at right now, and all of you in that situation have had to exert a large amount of self control in order to hold onto your coins in order to get to that position in the first place.

All of you are here because you initially got lucky, you found Bitcoin at the right time, you had someone you trust introduce you to it, the right confluence of events coalesced at the right time to get you to take it seriously. That’s not why you stayed, why you held through everything. That took your own effort and choice. But the reason you wound up here in the first place is luck.

I think it’s important to keep that in mind. It’s a combination of luck and your own effort that got you this far, it’s not exclusively just you and your brilliance or iron will. It’s the confluence of both.

This really is a point of no return, and a big shift in what is going to happen going forward. Problems are going to get harder, they aren’t going away just because we are all that much wealthier now. With more money come more difficulties, more challenges we are going to have to face. And more money is going to bring in even more people, all of which are going to have to be convinced that these problems exist. Convinced that the solutions to them are things we have to act on.

Fix The Money, Fix The World. That phrase does have a kernel of truth to it, but the reality is the money isn’t fixed yet. A finite supply cap is not the only problem with money. There is the ability for your wealth to be seized, surveiled, controlled. Those problems are not fixed simply because Bitcoin exists with its finite supply.

To fix those problems, Bitcoin actually has to scale. We need the network to be accessible to enough people that it prevents coins from accumulating in a handful of massive custodians that are trivially capturable by regulation. Without that, your money will be seizable. It will be surveillable. None of those problems will be fixed.

So don’t let this price landmark distract you from that. Check your ego, and keep a realistic perspective. Things are not fixed yet just because of a number on a screen, not even close. There is a lot more to do before these fundamental problems with money are a thing of the past. 

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.