Tim Knowles
2 min readAug 17, 2021

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Bitcoin, not thin air.

U.S. Dollars are protected by the thin air of the full faith and credit of the United States of America.

Bitcoins are protected by the thin air of hope that enough people will participate and share the risks of the blockchain to keep it going.

When nobody wants Bitcoins any more they will not be worth a thing. Bitcoins are only worth what people are willing to pay for them. They are less than a promise, they are only a hope.

"The Decentralized Finance (DeFi) is a growing industry built under the premise of having the Bitcoin as collateral for all innovative monetary products. Why? Because the people behind these companies believe in a system protected by a finite asset, not thin air."

So much is written about Bitcoin and its promise but I feel it is not so much the promise of Bitcoin as it is the promise of the distributed ledger and DeFi. Talking about the future of money, it makes sense to talk about DeFi and blockchains. Bitcoin might seem special but I feel like it is already getting stale and ripe to be overcome by a better token/coin/product.

I will not name the alternatives as that smacks of pump and dump just like you and others who pump Bitcoin in stories like this when you could be coin agnostic and just talk, Crypo, DeFi, Blockchain, Tokens.

I support the emergence of DeFi, I hope someone can make it useful for good honest people.

Sometimes, when I read people like you writing about Bitcoin, I give you the benefit of the doubt and think, maybe you just say Bitcoin when you mean Cryptocurrency because the audience is Bitcoin fans and he wants to engage with them not the more analytically inclined. You do it for the clicks.

TEK

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Tim Knowles
Tim Knowles

Written by Tim Knowles

Worked in our nations space programs for more than 40 years

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