Critical takes on crypto, Web3 & the cult of consensus. Threads on mechanics, narratives, and the stuff we ignore. balouthebear.eth | thinking ≠ following
Joined April 2018
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5/
“You can’t value money by cashflow. BTC is a monetary good.”
Fine. Then judge it by money’s own job description.
Money has three functions. BTC fails 2.5 of them. 👇
1/ Bitcoin’s fundamental value is zero. Not low. Zero. Five threads to prove it — here’s the whole case in one, and the one test it’s failed for 16 years. 🧵
$BTC
5/
“You can’t value money by cashflow. BTC is a monetary good.”
Fine. Then judge it by money’s own job description.
Money has three functions. BTC fails 2.5 of them. 👇
7/8
No more new buyer cohorts left (retail → institutions → ETFs → nations).
The narrative blanket that hid the lack of utility is gone.
Now the real causality shows:
No incentives → no usage → no fees → security erosion.
5/8
This is what the halving really is:
A burning fuse on the security budget.
While ASIC innovation is dead and fees refuse to grow.
1/
Here’s a simple thought experiment — not literal, just analytical.
Sometimes a different lens reveals what traditional models miss.
What if we evaluated Bitcoin as if it were a company?
The Halving was never a bullish catalyst.
It was a pressure mechanism: forcing Bitcoin to build real economic usage as the subsidy decays.
That part never happened.
Here’s the version of the Halving nobody in #Bitcoin wants to talk about.
(Thread)
Source: blog.chain.link/payment-abst…
So I have no idea what your are talking about
