logoalt Hacker News

ux266478yesterday at 6:20 PM0 repliesview on HN

> without even incurring any risk!

That's not true at all, any number of things could have killed bitcoin in its infancy. The stakes were just low. Somewhere out there is a lost collection of wallets of mine, collectively holding ~100btc ($1000 at the time). If regulators cracked down hard, that 100btc would have become just as worthless and either way I'd be out $1000.

"Risk" is an epistemic claim about the future taking the worse path. Obviously looking back it looks like risk-free money. That's not how it looked at the time. The "currency of the future" thing was always niche, especially after the crash in 2013, until a much larger cultural shift happened around 2015-ish.

Plenty of people will chime in with early bitcoin stories, and how they always believed it was going to go to the moon, etc. I always find it curious because my memory of the time period is that it was a means to an end, and that's how the overwhelming majority saw it and treated it. Funnily enough, it was thanks to that overwhelming majority that led to it being worth anything at all. If it was just a bunch of yahoos clamoring about the "currency of the future" thing, it probably would have gone absolutely fucking nowhere. The irony that the yahoos ended up becoming the majority I think is underappreciated.