Throttle Down, But Keep Creating

Things move fast in the Bitcoin space.

Those who are anxiously awaiting hyperbitcoinization might not think so, but when you consider that Bitcoin didn’t even exist 17 years ago, Bitcoin and Bitcoin-related tech has developed very quickly.

As a result, being deeply involved in this space can be exhausting.

There’s always some new tech to learn or a new concept to understand. And the more time you put into learning and understanding it all, the more you tend to become invested in Bitcoin’s success.

But then weeks like the previous few happen, weeks where we see the vulnerabilities of products and projects that many of of us came to trust exposed via AI-assisted exploits.

Such exploits — including the Coldcard hack, the Boltz and BTC Pay Server issues, and the theft of 4,000 bitcoin from the Liquid Network — have resulted in the loss of user funds and a heightened sense of anxiety throughout the Bitcoin space.

This has even brought me, someone who dedicates much of their waking life to this tech, to a point where I’ve had to ask myself “What are we doing here?”

(It didn’t take me long to answer that question: we’re building an honest, transparent monetary network and corresponding tech as a counter to corrupted and poorly-functioning existing monetary networks.)

It’s only natural to ask oneself this question after witnessing so much destruction. And I’m sure many who were directly affected by these exploits are still searching for their answer to this question.

I realized just how deep all of these blows have cut while interviewing one of my favorite builders in the Bitcoin space this week — Kgothatso Ngako (KG), creator of Machankura. (I will share a link to the interview in next week’s edition of the newsletter. It’s being edited right now.)

Machankura enables residents of ten African countries to use bitcoin with a feature phone, the cell phones we used before smartphones.

I asked him how we was doing and he said something to the effect of “Well, I can’t say I’m optimistic, but I’m still here.”

Hearing him say that felt like another punch to the gut, as the technology he’s created makes me super optimistic. It hurt to think that someone like him isn’t necessarily hopeful right now.

As the conversation progressed both on and off camera, though, I learned more about what has been keeping KG busy, and I realized that while he might not be optimistic, he’s still interested and inspired, which, in turn, made me feel that not all hope is lost.

He’s been working on projects like Mantra (whose slogan is the sanguine “Keep the feel alive”) and others, which are both important and cool but that could be classified as lower-stakes when compared to something like Machankura, Bitcoin tech that custodies user funds.

As KG walked me through how Mantra and other tech he’s creating work, an analogy came to mind.

He sounded like an artist who has had mainstream success but who has taken a step back to work on a more experimental or “indie” project. (In this analogy, Machankura is the mainstream project, while Mantra is indie endeavor.)

He seemed better off for it for two reasons:

1. All of the tinkering and creative work he’d done to bring Mantra to life has helped him to become more familiar with tools that he can now use to improve Machankura.

2. Our mental health tends to improve when we take time to slow down and recalibrate. Doing so also tends to help make space for more creative thinking and a renewed interest in our passions.

The second point feels particularly salient to me right now, because it seems as though there’s hardly ever time to rest when you work or are actively involved in the Bitcoin space.

The “bear markets are for building,” as they say, and the bull markets are filled with excitement, hype, and noise, all of which can sap your energy.

When do we get time to chill?

We often don’t unless we make time and space for ourselves to do so.

And if there were ever a time for a chill break in the Bitcoin space, it’s now — after all of this chaos we’ve been experiencing.

So, my message to you in this week’s edition of the newsletter is throttle down a bit.

If you’re a builder in the space, maybe that means taking a vacation from the AI psychosis and working on a passion project that helps to remind you why started working in this space in the first place.

If you’re a creative in the space, maybe it means creating something just for the sake of creating it, and not necessarily because it’s good for the algo.

If you’re a hardcore Bitcoin enthusiast — a 40 HPW podcast listener, if you will — maybe it means leaving the headphones at home next time you go out and reading a book about another topic you’re interested in.

(Don’t tell @RodPalmer and @richardgreaser from @Bugle_News I said that.)

One way or another, taking a chill pill seems like a better idea than taking (or administering) more orange pills right now.

If that resonates with you and you feel like it’s time for a break, then please proceed accordingly.

While things in this space move fast, the 2,500-year-old adage from the Tortoise and the Hare — “slow and steady wins the race” — still holds true, and I’d very much prefer all of you who believe in this tech learn to pace yourself instead of burning out.

This post was originally published via my Substack newsletter.**