A quick defense of moving slow and not breaking things.

After publishing my latest article, I received some pushback about Bitcoin’s flexibility. This viewpoint is best expressed by Paddy’s tweetstorm here and parts of Daniel Goldman’s article here. This is a quick response, but it needs to be said.

Their view holds that Bitcoin’s simple and conservative baselayer is a major hinderance to developing smart contracts on layer two. It is an understandable view. There are many cool features in the pipeline for Bitcoin, and many of them are already written, but we still don’t have them! However, patience is a virtue. It may be tempting to add as many…

Smart contracts sound enticing. The allure of cutting out attorneys, endless paperwork, and exorbitant legal fees is what drew me into learning about cryptocurrency in the first place. Unfortunately, my dreams were shortly crushed. It was clear that reality didn’t live up to the advertising hype and “smart contracting platforms” had fundamental problems with the nature of contracts.

Many have encountered these problems and decided smart contracts are something that can never work, I disagree. In fact, Bitcoin has made the proper design choices to make smart contracts possible where others have failed.

In this essay, I will cover the…

Bitcoiners reject inflation. We believe it represents a regressive, silent tax — slowly siphoning wealth from the average person to the politically well-connected.¹

In response, Bitcoin critics claim that while inflation may be frustrating, the alternative is much worse, a stagnant deflationary economy.

This article will: (1) begin by laying a conceptual foundation for what deflation is, (2) move on to address critics’ concerns with falling prices, and (3) conclude by showing how Bitcoin’s monetary supply actually guards against deflationary spirals.

Part One: Bitcoin is not deflationary — its money supply is relatively constant.

First, we need to establish what “deflation” refers to. While decreasing prices are colloquially referred to as deflation, deflation…

Intrinsic Value. Bitcoin skeptics love to talk about it. Their argument is typically as follows: “Bitcoin cannot be used as a money because it does not have any intrinsic value as a commodity. For something to be a viable money, it must first be accepted and used for some other commodity purpose intrinsic to the item, then slowly become a money over time. For example: because gold can be used in jewelry and electronics, people naturally stockpile it to store value.”

Previously, Bitcoiners have made several compelling arguments against this on the grounds that 1) intrinsic value is subjective and…

Conner Brown

Bitcoiner and Corporate Attorney. Interested in monetary history, Austrian economics, and philosophy. Stanford Law School Alumni.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store