I have to admit something here. I started this blog as a way of learning in the open, curating content I liked about financial education, gathering up resources, in the hope that someone else might find it useful too.

You’ll see some early guides about Ethereum and some other cryptocurrencies. In the process of learning more and more about money, I became a bitcoin maximalist. I think it’s inevitable. The more you learn about hard money the more bullish you become on bitcoin.

Now, I don’t believe that it will make gold simply vanish, no. Gold has been around for 5000 years, it has been embedded into our culture and psyche, our language, our very existence. It will take 1000 years for gold to go back to being useful as electronic equipment material and nothing more.

As for altcoins, or shitcoins as we like to call them because the founders can simply print more of them, every newbie goes through that phase. And it’s okay. Yan Pritzker posted a tweet about what to do with your shitcoiner friends. He’s the one who wrote this free book about bitcoin, you should check it out too.

We must not forget that many people new to Bitcoin easily fall for shitcoin narratives. If you have friends asking about altcoins, send them this awesome oldie but goodie by @jimmysong first.


Bitcoin has value because it’s decentralized digital money. It has a stock/flow ratio that continues to increase and a scarcity enforced by a highly credible monetary policy that no physical asset can ever have. In addition, Bitcoin has a huge network which has made it the Schelling Point, security that’s extremely expensive to subvert and a history that no crypto asset can match. Some nascent research has suggested that stock to flow is a fundamental measure of value for Bitcoin, which makes sense as Bitcoin is really decentralized.

Altcoins are a different story. They all lack the one major innovation that Bitcoin has: decentralization. This means that altcoins are fundamentally different from Bitcoin and are closer to fiat money. Their central points of failure can and have been used by outside parties to influence or even control. Centralization is why the stock to flow model does not work at all for altcoins but does so for Bitcoin. So what gives altcoins value? Why do altcoins have any price?

Read the rest of the article and send it to your shitcoiner friends https://jimmysong.medium.com/on-altcoin-valuation-bf19a30ee0df

And then get yourself some bitcoin.



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