I’ve been non-casually observing the cryptocurrency ecosystem since 2010. At some point along the way, I began to see patterns emerge again and again. Some are utterly hilarious, but all are interesting. But, like the 5 stages of grief, the progression is always the same. The following are my observations:

Democracy is two wolves and a lamb voting on what to have for lunch.” -Ben Franklin

Democracy tends to work better as the number of people participating decreases, but it is fundamentally flawed. But if we are going to cooperate as a species given the set of all possible conflicts…

The original purpose of banks was to safeguard their depositors’ assets. Plain and simple. This was a “Free Banking System”. A simple contract between 2 parties, the depositor and the bank. In my last debate regarding the Lightning Network, I asserted the best comparison with what’s going on now in…


  1. The people using Bitcoin must realize that Bitcoin has well-defined constituencies and knowing what a healthy relationship looks like between each is a huge benefit for the things Bitcoin was originally created for.
  2. Due to the result of the Scaling War of 2017, we now have a painful precedent…


Items covered:

  1. The play by play of what went down after the 2017 Consensus Conference in NYC from my perspective
  2. My thoughts on why Segwit2x failed to get a block size increase


Some time has passed between the failure of Segwit2x in the summer and autumn of 2017…

Recently, I was asked what I thought of a particular “blockchain” training course. I appreciate being asked this question because I am still learning this very thing myself. I also appreciate being asked this question during “the crypto winter”. Time spent advising people who ask when times are tough is…

In another Medium article, I laid out my case for why the Lightning Network (LN) (or any second tier network) is bad for the future of Bitcoin. …


The Lightning Network will not be good for the future of Bitcoin, all things considered.

  • The arbitrary block size constraints placed on the network by a small faction of stakeholders cause market distortions similar to a central bank’s ability to pick winners and losers in an economy.
  • Metcalfe’s law

Chris Kleeschulte

All things cryptocurrency.

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