| Ripple Effect — April 29, 2025
Gold has to be found and dug up out of the ground. Bitcoin uses a proof-of-work system – effectively the same thing in digital form.
Despite what alchemists have tried for centuries, you can’t simply create gold. You have to put in the work. Ditto with bitcoin. The 21 million hard cap makes it valuable.
Bitcoin is one of a few cryptocurrencies that use proof of work. Most use a proof-of-stake model. That’s where the creator of the model can make more on demand – much like a fiat currency creator with a printing press.
Everything in the crypto space moves faster – including the effects of proof-of-work versus proof-of-stake.  For instance, Ethereum, which switched from being a hard asset to a fiat asset – had done what the U.S. dollar has done since 1974 – only it’s done so in less than three years.
Compared to bitcoin, Ethereum is down 74% since switching to proof-of-stake.
We’re not against all cryptocurrencies. We know there are some worthwhile crypto projects out there. But our focus remains on bitcoin as the literal gold standard, in part to its proof-of-stake nature.
-Addison P.S.: As always, your cheerful reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)
How did we get here? Find out in these riveting reads: Demise of the Dollar, Financial Reckoning Day, and Empire of Debt — all three books are now available in their third post-pandemic editions. You might enjoy one or all three. 
(Or… simply pre-order Empire of Debt: We Came, We Saw, We Borrowed, now available at Amazon and Barnes & Noble or if you prefer one of these sites: Bookshop.org, Books-A-Million or Target.)
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