Patri Friedman

2/ This explains incorrect expectation that utility tokens will have significant price (because BTC is a low-velocity a store of value, hence has a high token price), that networks should be designed around linear blockchains (because BTC is).

3/ It's why people assume money/payments/store of value are primary use cases. It's why so many hate the idea of stablecoins (esp. fiat-pegged) - BTC is deflationary, meant to rise in price as it is adopted, and has an anti-fiat philosophy.

4/ And it's why people think that buying tokens early is the way to profit from each new crypto network (since that worked so well for BTC). I think this is false for most networks, and there will eventually be an Altcoin Apocalypse.

5/ This not a diss of BTC, it is one of the 3 tokens I own, and by definition it's the one token that should be analyzed with a BTC bias! But it represents only a small part of the potential crypto space, from both a product and tech perspective.

6/ Thus I believe that people are over-invested in things that seem like Bitcoin (look good in a BTC-biased analysis), and under-invested in things that seem unlike Bitcoin (look bad in a BTC-biased analysis).

7/ Which means we can profit by thinking of crypto in non-BTC ways, and analyzing investments with less Bitcoin Bias than the crowd. Fin. Thoughts?

All of this just makes Bitcoin sound like an even better investment. It's not just a Schelling point. It's a basilisk. One glance at Bitcoin & it takes over your mind. There could be plenty of interesting cryptographic systems to invest time and money in post-hyperbitcoinization.

Since shared confidence is a key requirement for store-of-value, that's a great point. But why wait to build out the rest of the space? Best to start now (just not by minting and shilling tokens).