When an Uber Angel Investor Tries to Reboot Bitcoin: The Hilarious Backlash

Oh, the irony! A tech investor who once backed Uber, the ride-sharing app that has made it almost impossible to find a taxi in London, is now stirring up a storm in the Bitcoin community. Jason Calacanis, the man with more tech opinions than my mum has hair products, has declared that Bitcoin is on its way out. “Build a better Bitcoin,” he tweeted to his 981,600 followers, as if we’re all just waiting for the next big thing to come along and ruin our investment portfolios. 🤦‍♀️

Calacanis, who’s invested in Bitcoin-related companies like Robinhood (the app that makes me feel like a real trader, even when I’m just buying dogecoin), boldly stated, “All technology gets replaced over time… and Bitcoin will be no different.” I mean, thanks for the heads-up, Jason. I was just about to cash in my life savings on this whole Bitcoin thing. 😂

Opportunity presents for Bitcoin layer-2 projects

The Bitcoin co-founders and their inner circle of tech geniuses were quick to shoot down Calacanis’ hot take. They argued that Bitcoin isn’t going anywhere, but there’s still room for a dominant layer-2 protocol to emerge. Layer-2, for those of us who didn’t major in computer science, is like adding a superpower to Bitcoin. It’s like giving a tortoise wings and calling it a superhero. 🦾✨

Swan Bitcoin co-founder Brady Swenson said, “Winning protocols don’t get replaced; they are built upon.” Which is a fancy way of saying, “Bitcoin is here to stay, and if you don’t like it, too bad, so sad.” 🙅‍♂️

Swan’s other co-founder, Cory Klippsten, added, “Bitcoin is a technological revolution changing all industries, not following the adoption curve of a single technology like an iPad.” Because, let’s face it, who needs a fancy tablet when you’ve got a digital currency that can buy you a lifetime supply of memes? 🤑

Lightspark CEO David Markus chimed in, “What it lacks in functionality can be built on L2s.” Which is a bit like saying, “Sure, my car can’t fly, but I can always build a jetpack.” 🚀

“Trying to build a better Bitcoin is a fool’s errand.”

Meanwhile, ShapeShift CEO Eric Voorhees suggested that Bitcoin’s limitations can be solved “on other chains.” Because, why fix what isn’t broken when you can just create a whole new system that’s probably just as broken? 🤔

The bigger Bitcoin grows, the “less likely” it is to be replaced

Many in the industry are emphasizing the importance of layer-2 solutions for Bitcoin, which can support things the Bitcoin network can’t, like deploying smart contracts. Because, you know, who needs a smart contract when you can just shake on it and hope for the best? 🤝

However, Muneeb Ali, co-founder of Stacks, recently told CryptoMoon that more than two-thirds of existing Bitcoin layer-2 projects will not exist within three years. So, it’s like a game of musical chairs, but with blockchain. 🎶

Bitcoin advocate Wayne Vaughan said people wrongly assume Bitcoin is easily replaceable because they see it as just an asset, application, or platform. “I think of Bitcoin as a network. The larger the network gets, the less likely it is for something else to replace it,” he posted on X. Which is a bit like saying, “The more people who like my blog, the less likely it is to be replaced by a better one.” 📈

Strive Funds CEO Matt Cole summed it up perfectly: “There will not be a ‘better’ Bitcoin. I do think we will get occasional alt seasons of ever diminishing strength that will continue to make insiders money. Most people will end up with less Bitcoin by going to that casino.” So, basically, don’t bet your house on it. 🏠💰

And this isn’t the first time Calacanis has stirred the pot. In June 2020, he said that nearly all of the crypto projects around the world are under the control of “unqualified idiots” or “grifters” with below-average skills. Because, you know, nothing says “I’m a tech expert” like insulting the entire industry you’re trying to disrupt. 🙄

2025-03-16 06:15

Opportunity presents for Bitcoin layer-2 projects

The bigger Bitcoin grows, the “less likely” it is to be replaced

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