19 - 12/Apr/2021
10,000 BCHA and Long-Term Games with Long-Term People
Recently the developer's funding address for the BCHA network broke the 10,000 coin milestone. You can check the address for yourself here.
As you can see, not a single satoshi has moved since its inception. To me this signals the following:
Bitcoin ABC is in this for the long-term
Bitcoin ABC believes that at current prices BCHA coins are undervalued
Bitcoin ABC has enough money from previous funding campaigns to continue their work without having to sell any BCHA for the near future
I recognize that at some point Bitcoin ABC will need to sell some of these coins to pay for more developers, but I trust they will do whatever they believe is in the best interest of this project.
I trust Bitcoin ABC because I've had the good fortune to interact with just about every member of the team over the past few years, and I can honestly say I've been impressed by all of them. Not only because of their high level of integrity and intelligence, but also because of their dedication to the mission of bringing more economic freedom to the world. Specifically, I'm talking about Amaury, Antony, Fabien (the one ABC member I've never talked to), Jason, Joey, Marco, and Pierre, each of whom I'm grateful to know because I've learned so much in the time I've known them.
But it's not just those seven. There are others behind the scenes who are helping to ensure that Bitcoin ABC gets the support they need. I have talked to many of those people as well, and it's my opinion that Bitcoin ABC is lucky to have them on their side.
Naval Ravikant, the famous entrepreneur and investor said: "One should pick an industry where you can play long-term games with long-term people."
What he meant was how in life the highest rewards generally come as a result of compound interest. Just as compound interest can exponentially grow one's principal, according to Naval it works the same way with relationships. By working together with the same people over and over again, you begin to trust one another and do right by one another, because you're no longer just some anon who only showed up yesterday, but someone people know and trust will be around for a long time. In other words, the friction goes down, allowing you to work together more efficiently. Here's Naval again:
"But essentially if you want to be successful, you have to work with other people. And you have to figure out who can you trust, and who can you trust over a long, long period of time, that you can just keep playing the game with them, so that compound interest, and high trust will make it easier to play the game, and will let you collect the major rewards, which are usually at the end of the cycle...
"So, it’s important to pick an industry where you can play long-term games, and with long-term people. So, those people have to signal that they’re going to be around for a long time. That they’re ethical. And their ethics are visible through their actions."
Compare this to short-term games with short-term people. In that situation people will care less about the future and only about what they can get in the present. Rather than trying to get rich together over time, you're likely to be more interested in making yourself rich now.
To me the fact that Bitcoin ABC has yet to touch the coins in their funding address gives me confidence that they are playing a long-term game.
Now I want you to ask yourself, are you in this for the long-term, or the short-term? I know my answer.