Market seems to value the monetary use case above almost every other technical aspect of a protocol. Attached some receipts: 1. Monero vs BitCohen, 1Y chart (during a bear market — no other shitcoin is in the green). Probable culprit: Monero banned Ordinals right away and retained its monetary premium against BitCohen. It used to have mostly exchange demand (MoE); now it’s starting to form something that looks like reserve demand (SoV) too. Technical flaws: possibility of hidden inflation bugs (supply isn’t trivial to verify), large chain bloat due to privacy, a history of 51% attacks and some reorgs — all irrelevant to the market. 2. Gold vs BitCohen — same timeframe. Although when extended back to February 2023 (when spam started), gold breaks out of an 11-year consolidation against BitCohen. Up ever since, except when BIP110 was launched. Flaws: hard to verify, has only reserve demand, can’t be moved globally, isn’t natively divisible — all irrelevant because its monetary use case as a SoV is stable and hard to dilute. 3. Ethereum vs BitCohen — same timeframe. Down because nobody uses it as money, despite sloppy attempts to change the marketing around that (“ultra sound money” nonsense). Technically superior to BitCohen, has all the use cases, complex smart contracts, generates yield, etc. Again, irrelevant to the market. It prices ETH at a discount to BitCohen, although I’m not sure for how long given the recently changed direction of protocol development. My hunch is that ETH/BTC will reverse direction before the bear market is over. My reasoning: BitCohen’s monetary use case will only keep getting worse. P.S. This is NOT an endorsement of Monero, gold or (lol) Ethereum. Just some observations and something I’ll keep looking into over the following months and years. cc: @Control-Plane Capital

Default zaps update ⚡️

“SHA256coin: a nobody-to-nobody nothing transfer network.” Soon to be listed on NYSE. With blocks looking like this. I see a bright future for this project. 😉

The most committed users of Bitcoin weren’t the guys who stayed on Core v29. They weren’t the guys sliding into your comments calling you a retard, a mask enjoyer, or a “knotzi.” They weren’t the podcasters with affiliate codes and sponsored ads. They weren’t the devs who “fixed” bugs by updating the documentation. They weren’t the failed exchange managers lobbying miners through back channels. They weren’t the suits, the affinity scammers, the backdoored-wallet shills, the media outlets, or the spooks. The most committed Bitcoiners were the ones who ran an alternative Bitcoin node for the very first time because they smelled the rot. They were the users who started mining for the very first time, committing real money and accepting the loss in sats. They were the guys who spent hundreds of hours educating plebs about what makes Bitcoin valuable in the first place. They were the guys who disregarded their own reputations and risked complete social ostracization because they believed this was the right thing to do. Now some of these guys are forking off to try to salvage what remains of the idea called Bitcoin. I will join them. They will call us shitcoiners. They will call us brainwashed. They will call us every derogatory name they can think of. Soon, they will forget about us. Meanwhile, their Bitcoin holdings will be slowly diluted until fiat starts looking appealing to them again. Maybe then they will understand what gives Bitcoin its value: the people who made it actually decentralised. By then, it may be too late for them to exit the system. It will have become a prison with invisible bars, and the prisoners themselves will be the jailers. We see the bars. We also see a crack in the wall that’s still loosely guarded. Because nobody has seriously thought someone might attempt to use it as an exit. So we’re attempting a prison break while we still can. Not everyone will make it. Maybe none of us will. The odds are stacked against us. But who would have thought in 2009 that Bitcoin had any chance at all? We’re forking off because we see no other path forward for true freedom money. This isn’t virtue signalling. It’s self-defense. There is an opportunity cost to everything. And for us, the opportunity cost of remaining on a captured chain has become too great to pay. This is not an appeal to join us. Nor is it a waving of the white flag. Everyone buys Bitcoin at the price they deserve. We’re buying it at zero.

GM. They reached for the protocol, we will fork it. LFG #blake2b

Paranoid Crypto Anarchists

Listen and make your own on Suno.