Bitcoin's Future Is Fractional Reserve: Unless We Do Something About It

What started as a single transaction from Satoshi to Hal Finney, has evolved into a complex system of industrial scale miners, evolving meta-protocols like the Lightning Network and Fedimint, and a full embrace of institutional investors with the record breaking inflows into various newly approved spot ETFs.

Bitcoin has come a dramatically long way, and with that comes a somewhat earned sense of optimism for those who have invested their time, money, and enthusiasm.

Unfortunately this optimism, and sense of “inevitability” I have previously written on, has contributed to a culture of complacency. This is hallmarked by a narrative that early Bitcoin protocol ossification is acceptable…

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