Scott on Nostr: ANALOGY 1: Bitcoin is water Imagine three unmarked, unlabelled clear containers. They ...

ANALOGY 1: Bitcoin is water

Imagine three unmarked, unlabelled clear containers. They each contain a different, clear liquid: water, bleach, and ethyl alcohol.

Without knowing anything about these liquids one could easily mistake them. #Bitcoin is water. Crypto is bleach or ethyl alcohol.

In the same way that bleach or ethyl alcohol have some limited use cases, so too may a very small number of crypto tokens (if we’re being charitable in our assessment). However, it is a massive error to lump these with Bitcoin #BTC, just as it would be potentially fatal to treat bleach and ethyl alcohol as you do water. Have a sip and find out.

We need dialogue, education and public policy that respects Bitcoin (BTC) as water for humanity.

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ANALOGY 2: Bitcoin is a diamond

Imagine a pile of clear, jagged-edged shards on a table. There are 20,000 or so individual pieces. In their sum, they look like a mass of the same thing.

You sift through them and, for the most part, they are differently shaped and sized pieces of broken glass. Upon closer inspection, however, one piece stands apart: it is an unpolished diamond.

#Bitcoin is this diamond, and crypto are the shards of glass.

To the untrained eye and to someone who has not looked more closely, it’s likely that the diamond will simply be lumped together with the broken pieces of glass. Even then, if one does not know what distinguishes a diamond from broken shards of glass, one may not consider picking it out and treating it differently.

Shards of glass can be used for limited purposes. They can be recycled, they can be used for art, etc. But they are not a diamond.

The point is that we need dialogue, education and public policy that distinguishes Bitcoin (BTC) from crypto.