Here’s my thoughts with BTC lending as this cycle heats up. During the previous cycle we saw BTC prices jump from 10,000 to 20,000 in 16 days. This means that if the borrower overcollateralized with an LTV of 50%, their escrow will be liquidated (unless margin is met)...1/

1/ Satoshi’s Vision™ is a silly endeavor, as it doesn’t matter what it was, we are where we are now. However, those pushing the “Bitcoin was first made for payments” narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.

2/ The following tweetstorm is a categorical repudiation of this tired narrative. Bitcoin was purpose-built to first be a Store of Value (SoV), a thread:

3/ How do we determine Satoshi’s intention? We need to look at his ideology, description of functionality/architecture, timing, and audience. Let's start with how Satoshi describes the problem Bitcoin solves. In his first public comms after the whitepaper, in the first paragraph:

4/ “The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” - Satoshi

5/ He later expands on that Libertarian thought in his other writings:

“[with Bitcoin] we can win a major battle in the arms race and gain a new territory of freedom for several years.” — Satoshi Nakamoto

1/ Don’t Fear Tether

Whenever Bitcoin has a bull run, naysayers try to cope with missing the boat by rationalizing why it will fail through FUD. Most of these are completely unsubstantiated, but annoyingly persist as negative narratives Bitcoin must fight against.