the show with the 15-year founder
talked to someone who's been in Bitcoin since 2010. the perspective is... different.
i had a conversation with a founder who's been in Bitcoin since the Silk Road days. not as a trader. as a builder. and the thing he said that stuck with me was this: "the people who've been here the whole time know which bets are real and which are hype."
he's right. there's a difference between knowing Bitcoin as a price and knowing Bitcoin as a system. most people came in for the price. the people who stayed came for the problem it solves.
that distinction matters because it changes how you make decisions when the price drops.
when Bitcoin was $3,000 in 2018, the people who'd been there since $100 knew it would come back. the people who bought at $18,000 in 2017 didn't. same asset. different holding strength.
i apply this to every founder thesis. the real test isn't "can this work on a white board?" it's "do the people building it believe in it when it's unfashionable?"
the ones who are still shipping when no one's watching are the ones building something real.