tldr; Bitcoin analyst Willy Woo described Bitcoin as the ‘perfect asset’ for the next 1,000 years but noted it needs significantly more capital to rival the US dollar and gold. Speaking at the Baltic Honeybadger conference, Woo highlighted obstacles like the risks of Bitcoin treasury bubbles and reliance on institutional solutions like ETFs and custody services, which could expose Bitcoin to government control. He emphasized the importance of self-custody for long-term adoption, while others on the panel discussed the role of companies in driving Bitcoin adoption.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
letsdrinktothat on
*“No one’s really publicly looked deeply into the debt structuring [of bitcoin treasury companies], so I absolutely think the weak ones will blow up, and people can lose a lot of money,” Woo said*
According to Cathie Woods, Strategy has been very careful with how they structure their debt, and would easily survive 1 year plus bear market. I’m no expert, but ARK have enough analysts and enough on the line that you have to hope they know what they’re talking about. But yeah, all the me-too treasuries springing up, you have to worry.
inShambles3749 on
I’m gonna woo my willy for the next 1000 years as well
DrSpeckles on
If someone named Willy woo-woo says it’s true..
AgitatedDragonfly769 on
My kids kids kids kids will discover my seed phrase and be stinking rich
MinimalGravitas on
Bitcoin doesn’t even have a feasible solution for the shrinking of the chain’s security budget… it might not be viable in 20 years let alone 1,000 years.
At some point the Bitcoin community is going to need to decide between:
* Increasing throughput so that they can potentially have a chance at replacing block rewards with transaction fees. Last time they tried to have that conversation there was a civil war that resulted in the extreme levels of censorship you now see in Bitcoin forums and the forking off of Bitcoin Cash;
* Or scrap the 21 million BTC limit and introduce ‘tail emission’ to maintain rewards for miners. This would probably be the least technically disruptive option, but sadly since Bitcoin got taken over by non-technical but rich influencers like Saylor, who have pushed ‘store of value’ over all other ideas and who would obviously react badly to introducing permanent inflation to the chain;
* Or scrap mining altogether and move Bitcoin to a different consensus mechanism that doesn’t need to pay constantly huge amounts of money to ASIC farms for their infrastructure and electricity costs. Honestly, making Bitcoin into an Ethereum ZK rollup (L2) would let them keep the hard limit and the block size, and would be so much more efficient in terms of security cost that it would probably be viable to survive on transaction costs already.
partymsl on
But humanity is not the best asset for the next 1000 years…
Ain’t a way there is not at least one apocalyptic event in that timeframe.
Necessary_Lettuce604 on
People still listen to this guy?
stu_pid_1 on
Good god, what bull sh*t is this! You know that the qbomb will hit in the next 10 years and only Eth can possibly incorporate quantum resilience into it.
powni_ on
Yes 1000 years of course… Maybe we just wait a couple of years and see how the security of this asset plays out.
Block subsidy is expontially declining and will be under 1 btc in 2032.
At the moment the total transaction fees per day is around 3 Btc which is about 0.02 Btc per Block at a price of 120k! Blocks not even complety filled. Fees are on a 13 year low with prices this high, which is fucking ridiculous…
And while the price will rise mid term, this problem will get bigger because of the deflationary character. Everyone will play this ” number goes up” game, no transactions. Treasury Companies, etfs , lightning will have a further parasitic impact on the fees and will make the problem even worse.
While the value of the network rises , security will go down. Attacking gets really cheap and the incentive to attack the network also rises due to adoption in the west.
There will be discussions soon about the Cap, Tail Emissions, consensus etc.
11 Comments
The standard person doesn’t care
tldr; Bitcoin analyst Willy Woo described Bitcoin as the ‘perfect asset’ for the next 1,000 years but noted it needs significantly more capital to rival the US dollar and gold. Speaking at the Baltic Honeybadger conference, Woo highlighted obstacles like the risks of Bitcoin treasury bubbles and reliance on institutional solutions like ETFs and custody services, which could expose Bitcoin to government control. He emphasized the importance of self-custody for long-term adoption, while others on the panel discussed the role of companies in driving Bitcoin adoption.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
*“No one’s really publicly looked deeply into the debt structuring [of bitcoin treasury companies], so I absolutely think the weak ones will blow up, and people can lose a lot of money,” Woo said*
According to Cathie Woods, Strategy has been very careful with how they structure their debt, and would easily survive 1 year plus bear market. I’m no expert, but ARK have enough analysts and enough on the line that you have to hope they know what they’re talking about. But yeah, all the me-too treasuries springing up, you have to worry.
I’m gonna woo my willy for the next 1000 years as well
If someone named Willy woo-woo says it’s true..
My kids kids kids kids will discover my seed phrase and be stinking rich
Bitcoin doesn’t even have a feasible solution for the shrinking of the chain’s security budget… it might not be viable in 20 years let alone 1,000 years.
https://budget.day/
At some point the Bitcoin community is going to need to decide between:
* Increasing throughput so that they can potentially have a chance at replacing block rewards with transaction fees. Last time they tried to have that conversation there was a civil war that resulted in the extreme levels of censorship you now see in Bitcoin forums and the forking off of Bitcoin Cash;
* Or scrap the 21 million BTC limit and introduce ‘tail emission’ to maintain rewards for miners. This would probably be the least technically disruptive option, but sadly since Bitcoin got taken over by non-technical but rich influencers like Saylor, who have pushed ‘store of value’ over all other ideas and who would obviously react badly to introducing permanent inflation to the chain;
* Or scrap mining altogether and move Bitcoin to a different consensus mechanism that doesn’t need to pay constantly huge amounts of money to ASIC farms for their infrastructure and electricity costs. Honestly, making Bitcoin into an Ethereum ZK rollup (L2) would let them keep the hard limit and the block size, and would be so much more efficient in terms of security cost that it would probably be viable to survive on transaction costs already.
But humanity is not the best asset for the next 1000 years…
Ain’t a way there is not at least one apocalyptic event in that timeframe.
People still listen to this guy?
Good god, what bull sh*t is this! You know that the qbomb will hit in the next 10 years and only Eth can possibly incorporate quantum resilience into it.
Yes 1000 years of course… Maybe we just wait a couple of years and see how the security of this asset plays out.
Block subsidy is expontially declining and will be under 1 btc in 2032.
At the moment the total transaction fees per day is around 3 Btc which is about 0.02 Btc per Block at a price of 120k! Blocks not even complety filled. Fees are on a 13 year low with prices this high, which is fucking ridiculous…
And while the price will rise mid term, this problem will get bigger because of the deflationary character. Everyone will play this ” number goes up” game, no transactions. Treasury Companies, etfs , lightning will have a further parasitic impact on the fees and will make the problem even worse.
While the value of the network rises , security will go down. Attacking gets really cheap and the incentive to attack the network also rises due to adoption in the west.
There will be discussions soon about the Cap, Tail Emissions, consensus etc.