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@edstromandrew has it right. Anyone who makes the MySpace comparison is woefully stupid. I'd like to address why I think this worn out meme is so far off the mark. 1/n https://twitter.com/edstromandrew/status/1309197305598242816
The thesis goes like this: Bitcoin was first, and MySpace was first. MySpace failed therefore Bitcoin will fail. However, MySpace was not first. Friendster was first. If the only thing you base your comparison on is "firstness", then the comparison is already dead. 2/n
But the analogy breaks down for other, more fundamental reasons. People who say this assume that every networking technology will always and forever be replaced by a subsequent, for-profit enterprise who is iterating on the technology. 3/n
This is a category error. often made by people who view Bitcoin through the lens of "tech startup." It is not a tech startup. It's free open source software that is run and maintained by volunteers. 4/n
MySpace died for many reasons that have nothing to do with a competitor (Facebook) usurping their market. For one, the user experience for MySpace was terrible, and that is why I deleted my account well before Facebook became an option. 5/n
Even though it's just anecdotal, it's significant for me that several friends all felt like the service was in decline, and not delivering on it's fundamental function long before other options entered the marketplace. 6/n
Bitcoin on the other hand continues to gain adherents, and reinforce its value proposition to long time users. Bitcoin does not alienate it's core audience, in fact we are more maniacal and devoted than ever due to nGu and the desire to enforce strict rule adherence. 7/n
Then there's the acquisition. In 2005, just two years into its existence, MySpace was purchased by News Corp for $580MM. They then proceeded to run it into the ground and dump it for $35MM in 2011. At this point MySpace was 8 years old. Bitcoin is almost 12. 8/n
Bitcoin, in contrast, cannot be purchased by a corporation. It is free and open source software maintained by volunteers. In fact, the publicly traded company Microstrategy just spent over $400MM acquiring bitcoins (the currency) and they get zero say in running the network. 9/n
There were lawsuits. I don't remember the plaintiff, but I had a friend who was a lawyer for MySpace during the News Corp years. He told me that they were under court order to not delete a single file that was uploaded to their service. 10/n
So they were saddled with the burden of saving every picture and mp3 that users uploaded, even if the users themselves deleted it. This is the problem with being a corporation, as opposed to being free and open source software run by volunteers. 11/n
Bitcoin cannot be sued. Not in any jurisdiction on the planet. 12/n
Myspace didn't fail because Facebook was better. Although Facebook actually was a lot better. Myspace failed because it sucked on its own and then its founders cashed out. Whereas Bitcoin soldiers on and gets stronger. Hash power just set another record. 13/n
Nothing about the MySpace story applies to Bitcoin. But if you sift through the timeline you'll see that they could potentially happen to almost ALL other blockchains. It's not Bitcoin which is MySpace, it's everything else.
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