The Biggest Threat to Bitcoin | Jimmy Song

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Feb 6, 2026

Jimmy Song, Bitcoin developer, educator, and author with 15 years in the space. He recounts his 2011 origin story and debates store-of-value vs payments. Conversations cover ossification vs constant protocol change, Taproot’s unmet UX promises, BIP-110 controversy, governance risks, developer incentives, and why humility and node diversity matter for Bitcoin’s future.

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ANECDOTE

How Jimmy First Discovered Bitcoin

Jimmy Song first heard about Bitcoin from a Slashdot headline in February 2011 when BTC hit dollar parity.
His wife thought it was a scam, but he fell down the rabbit hole and has worked in Bitcoin since then.

INSIGHT

Store Of Value Comes Before Use For Payments

Bitcoin naturally evolves from store-of-value to medium-of-exchange rather than the reverse.
Merchants adopt a currency when they want to hold it as value, not merely to accept payments.

ADVICE

Push Merchants Who Value Bitcoin, Not Just Accept It

Do not expect mass merchant adoption until businesses truly want to store value in Bitcoin.
Encourage entrepreneurs who already value Bitcoin to accept it as treasury asset rather than treating payments as a marketing gimmick.

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What's the biggest threat to Bitcoin? Is it Quantum? Developers? BIP110? Governments? Or something else entirely…

In this episode, I sit down with Bitcoin OG Jimmy Song for a nuanced conversation about the state of Bitcoin development and governance. We dive into his 2011 origin story, unpack the store of value vs medium of exchange debate, and explore why he believes ossification is actually better for Bitcoin than constant protocol changes. Jimmy pulls no punches on Taproot's broken promises, explaining why the UX realities never materialized despite developer optimism.

We dig deep into the BIP 110 soft fork controversy, the governance concerns around Bitcoin Core, and why he thinks young developers need more humility when dismissing community feedback. This is an honest look at protocol development, decision-making processes, and the real threats facing Bitcoin's future from someone who's been in the trenches for 15 years.

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Key Topics:

Bitcoin's early days and adoption
Store of value vs. medium of exchange
Bitcoin ossification and governance
BIP-110 and potential threats to Bitcoin

- The role of developers and community

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