Oddbean new post about | logout
 because it's not just about the protocol.

Scalability is also about dominant culture surrounding the network. When we scale but what you have is a bunch of NGU de-gens coming in, then there's incentive in a particular direction.

For example, I'm pissed off because the NGU priority has meant that there's no good privacy on Bitcoin.
In fact, strong privacy is actually against the NGU philosophy, because those big money people won't come in if Bitcoin is antagonistic to government regulation.

So we end up in a situation where Bitcoin actually wants to play nice with regulators for the sake of NGU. Either by doing something or by NOT doing something.

So we have a situation where it isn't just technical scaling, but it's also cultural social scaling and the direction and incentives involved.

Maxis will write it off by just saying that Bitcoin is inevitable, which is just an excuse to rationalize NGU and their fantasies of being the new 1%.

</rant>