Naval Ravikant on Bitcoin

The longer [Bitcoin] survives, the more people trust it as a store of value, the more the price goes up. As the price rises, it pulls in more hashpower (security) and more developers.

A self-fulfilling, positive feedback loop based purely on survival.

Bitcoin is aiming to be a store of value. Architectural stability, network security, network effects, decentralization, wide acceptance all matter. It’s currently the best of an imperfect bunch on those characteristics.

Bitcoin is a tool for freeing humanity from oligarchs and tyrants, dressed up as a get-rich-quick scheme.

Bitcoin is more than money, and more than a protocol. It’s a model and platform for true crowdfunding – open, distributed, and liquid all the way.

Bitcoin takes powers from the central actors and returns it to merchants and consumers, savers and borrowers. Bitcoin brings back some pseudonymity in the transactions, and can be irrevocably traded like cash. And finally, it points a way towards a single currency – it is a bug, not a feature, that we have multiple global currencies with exchangers and transaction fees in between.