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2022: Following the Orange Rabbit

2022: Following the Orange Rabbit

At the beginning of this year, January 28th 2022, I wrote:

"I'm beginning to understand that bitcoin is the most important, most intrinsic, digital asset. Its characteristics of self-custody, proof of work consensus, first-mover advantage, TRUE decentralization, layer-two opportunities separates it from the rest of the digital asset world.
Bitcoin is not a trade. It is a technology—a protocol. And quite frankly, the price is irrelevant. Bitcoin is an open protocol, and since money is the largest of all protocols and gradually gravitates to "1", Bitcoin's role in our monetary system will grow. Whether it becomes the world reserve asset or legal tender for more developing countries remains to be seen, the Bitcoin protocol is here to stay. And I want to study and see where it goes.
Other crypto projects like a permissionless app store sound exciting but not as tangible or important as a borderless monetary system that cannot be stopped or mismanaged by centralized entities.
Here's to doubling down on Bitcoin and exploring the world that it builds."

While I haven't kept up with posts on this newsletter since July, I did decide to "double down" on Bitcoin.

The Social Layer of Bitcoin

In February, I joined RVA Bitcoiners, a local meetup group for Bitcoin enthusiasts. Shortly, I volunteered to be co-organizer; organizing events and spreading the word online about meetups around the city.

Through the meetups, we were able to connect with folks who are building products and services on Bitcoin, like Ian Major and Stephen Dodge of Joltz, a service that allows companies to offer bitcoin as a customer rewards program. Our co-founder, Alex Miller, a seasoned Bitcoiner and former developer at Lightning Labs, also led meetups where he taught attendees about the exciting world of at-home Bitcoin mining and other complex topics within the ecosystem.

Alex giving a presentation on at-home Bitcoin mining.

We had folks who were in traditional finance, law, farming, art, tech, and more. From longtime bitcoiners to those curious on the subject - it was incredible to see the Bitcoin community right in the backyard of central Virginia.

The Energy Layer of Bitcoin

Since September '21, I was searching for the next phase of my career. During the Summer of '22, through countless job applications to starting my own LLC, my freelance company had the opportunity to provide copywriting services for Marathon Digital Holdings - a Bitcoin mining company operating in North America.

After writing several articles - I got another opportunity: to work full-time as Communications Strategist at Marathon. Marathon Digital Holdings works with data centers around the country to power their Bitcoin mining machines. While it's only been a few months; it's fascinating to see this aspect of the industry up close.

While working at Marathon, the role is making me think more about the energy implication of Bitcoin, and how Bitcoin's proof-of-work functionality can empower renewables and emerging energy grids. Our CEO, Fred Thiel, gave an excellent talk on this subject:

And the energy layer of Bitcoin doesn't just stop at large data centers. There are thousands of people mining Bitcoin through mining pools - some even mining Bitcoin to heat their homes and hot tubs!

It's a system where everyone competes to unlock new Bitcoin, but everyone works together to secure the network itself.

Down the Bitcoin Rabbit Hole

When you look at the top headlines in 2022, most would think that "Bitcoin is Dead". I view 2022 as Bitcoin's proof of durability.

In December 2021, I discussed how I believe anything else labeled 'cryptocurrency' outside of Bitcoin "promotes a decentralized fallacy and should be considered a riskier asset."

In May '22, I wrote about the risk of storing Bitcoin on exchanges, and how "if you're not the sole custodian of the private keys to your Bitcoin, then you do not truly own your bitcoin."

In June, I wrote how "the pseudo-decentalized altcoins and companies that offer ridiculous yields on staking cryptocurrencies" are acting as magnets that bring bitcoin's price down.

In November, the fraudulent crypto exchange FTX collapsed, along with its altcoin - FTT.

In 2022, over 1,000 cryptocurriences were wiped out, delisted from leading pricing sites. Multiple "blockchains" suffered outages and freezes to process transactions.

Even with Bitcoin's daramatic price fluctuation, its functionality has reliably maintained. New Bitcoin continues to be unlocked, transactions keep on being verified, and its difficulty ajdustment continues to function accordingly.

I don't know what's in store for 2023. There could be some significant rough times ahead, but from the passion I've seen in Bitcoin's social layer, and the efforts at Bitcoin's energy layer, I'm excited to learn more and dive deeper into the Bitcoin rabbit hole.

Tick tock, next block.

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This content is for information purposes only. It is not intended to be investment advice. Please seek a duly licensed professional for investment advice.