I’ve been friends with Haseeb Qureshi for several years now. Just this weekend we were chatting about Bitcoin and he told me he doesn’t believe Bitcoin will be more than a store of value.
I disagree with that claim. So I told him, “let’s have a debate about it. It’ll be fun!” since that’s kind of what we’re building at TruStory. We’re building a platform where people can have civilized debates and figure out the truth through these debates. And so I figured since we haven’t launched yet, why not give the world a taste of what we’re doing in the app on Twitter?
Welcome to “TruStory Debates,” where I’ll be joined every week by cryptocurrency experts to debate important claims in a civilized, healthy way.
Now the point of this isn’t really to say I’m right or Haseeb is right. It’s really just to explore our sides and figure out how we can learn from each other. To see whether one side has more merit or both have equally valid points.
Before we start the debate, let me give my guest a proper introduction. When he was younger, Haseeb Qureshi used to be a professional poker player. Then he taught himself how to code around the same time I did. So we have that shared history. He went on to work at Airbnb as an engineer. After that, he moved on to Earn.com, and then to MetaStable. Now, he’s on to bigger and better things.
Haseeb and I have both been in the crypto space for a few years. We agree on a lot and we disagree on a lot. So, I’m excited about this debate.
I’ve time-stamped the key points in the debate below.
[07:41] Defining “store of value.” Does Bitcoin qualify as a store of value?
[11:11] A list of potential uses of Bitcoin beyond just being a store of value.
[12:46] How the narrative has shifted since Bitcoin first started, away from being peer-to-peer digital money (like it says in the white paper) and toward a store of value.
[13:36] How can something be a store of value if it isn’t intrinsically valuable first?
[15:58] The ethos of Bitcoin as “digital gold” and why it doesn’t make a good currency.
[17:19] Why you need inflation in a healthy economy, and what happens when all the Bitcoin is mined.
[18:41] Explaining how Gresham’s Law – good currency drives out bad currency – affects Bitcoin.
[20:30] How Bitcoin’s engineering makes it impossible to support billions or even hundreds of millions of people.
[22:35] The lack of incorporation of new ideas and research in the cryptocurrency space into Bitcoin.
[24:30] The Dust Limit and disappearing UTXO – what happens when it costs too much to send Satoshis
[26:03] Why wouldn’t people reprice products and services to counter Bitcoin going up in price?
[29:11] In the early days of the internet we didn’t think it was possible to send images. Now, we’re live streaming a video call on Twitter. Why assume Bitcoin can’t get faster?
[31:29] Gold is hoarded. People don’t really transact with gold. What incentive is there for the miners to secure the Bitcoin network if no one is transacting after all the coins are mined?
[36:00] The security of the network goes down as fewer miners mine. That would also mean Bitcoin’s strength as a store of value goes down.
[39:02] The reason why Bitcoin isn’t like real gold. How long till it gets there?
[41:30] The real challenge facing the Bitcoin community – getting the world to believe Bitcoin is valuable.
[43:45] The most likely outcome of the Bitcoin movement in the future.
Haseeb and I also took questions from the audience:
[45:41] What happens if the community doesn’t accept Bitcoin as a store of value?
[46:00] What happens to the miners after all the Bitcoin is mined?
[47:00] What is the “gold watch” equivalent of Bitcoin? (i.e. ornamental value)
[48:30] Is Bitcoin the only shot we have at a decentralized, permissionless currency?
[48:40] What do you think about the Facebook coin?
[51:35] How far out is mass-adoption of Bitcoin?
What did you think of the debate?
Do you have any questions about Haseeb’s or my arguments?
Do you have any specific topics you’d like us to debate?
I’d love to hear your thoughts in the comments.
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