ryangtanaka's Podcast

Friction and Fortune: Why You (Probably) Wouldn't Have Bought Early Bitcoin


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A lot of people say "if only I got Bitcoin at..." an earlier year, but are often unaware of the friction involved in doing so back then. (Technical, social, political.) Why "getting in early" is not easy and what to pay attention to in today's markets to prep yourself for the next cycle.

Part 1: The Myth of the Missed Boat

  • Breaking down the "if only" fantasy and introducing the concept of crypto friction—the technical, social, and political barriers that made early adoption a minefield, not a sure bet.

Part 2: The Unbuyable Past: Friction in the Wild West Era

  • No Exchanges, No Rules: Acquiring BTC meant mining or bartering (The Pizza Story).
  • The Ethereum ICO: A technical hurdle requiring direct BTC-to-smart-contract deposits.
  • Mt. Gox: The Cautionary Tale: The first major exchange was a hub of scams, phishing, and catastrophic collapse.
  • The "Joke" Coin Narrative: How Dogecoin was dismissed by the "serious" crypto community before its epic run.

Part 3: The Unseen Present: Modern Friction & Undervalued Gems

  • How today's friction isn't technical, but social and narrative-driven.
  • Case Study 1: Tezos ($XTZ) – Dismissed as a "joke" by speculators due to its price history, despite its proven, high-quality tech and governance.
  • Case Study 2: Gridcoin ($GRC) – Ignored during the last bull run due to limited exchange access (only GRC/BTC pairs) and lack of hype, despite its unique, working product.
  • The Thesis: These projects represent the current "if only" opportunity—high-quality assets misunderstood because of their lack of narrative momentum.

Part 4: How to Think About Friction Now

  • Using historical friction as a lens to identify today's undervalued projects.
  • How to separate a "bad project" from a "good project with bad marketing."
  • Where to look for the next wave of fundamentally strong, overlooked crypto assets.

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ryangtanaka's PodcastBy Ryan