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Satoshi’s Paradox - Why no alt coin can sustainably surpass Bitcoin

The Hero’s Journey of Bitcoin Part 1: Satoshi’s Paradox Confessions of an OG Bitcoiner

The following are not my beliefs, but a compilation of notes from conversations I had with a self-described Bitcoin “mutant”, named Edan Yago, contributor to Sovryn. Letting him ramble on about Bitcoin resulted in mesmerizing, mythical, and fascinating ruminations about Bitcoin’s destiny. So for one, I myself believe in Bitcoin as a digital store of value. It is a huge chunk of my portfolio, and I believe it will outlast 99% of the cryptocurrencies we have today. There is no better symbol of scarcity and hard money in crypto to date. However, I feel just about the same level of admiration for Ethereum, as it is opening up so many use cases through DeFi and DAOs. I am putting my biases aside to explain a very rare (and what I find fascinating) point of view. I present you Part 1 of The Hero’s Journey of Bitcoin:

The Great Game

The cryptocurrency experiment could not have higher stakes. Geopolitics is often referred to as the “Great Game”. It’s the game of thrones for global power. It is a game played by sovereign states. Bitcoin is the only way that ordinary people can play the Great Game. Bitcoin allows us to play this game by creating a sovereign currency that can challenge state powers and contend for the title of global reserve currency. To me that is the goal. For if we, ordinary people, can challenge sovereign states, we become sovereign ourselves: sovereign individuals.

If we wish to play the game on this level, it is very important that we understand that this is a game that can only be played by Bitcoin. No other cryptocurrency can win this game, no matter how “advanced” it is. Indeed, if any other cryptocurrency ever seemed like it could rival Bitcoin for the mantle of Cryptocurrency King, it would not simply mean that Bitcoin had failed. The entire cryptocurrency experiment would have failed.

The purpose of this is to explain why. First, we ...

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