The Centbee Show 51 - Bitcoin BTC, a Cargo Cult?

In the latest episode of The Centbee Show, hosts Lorien Gamaroff and Kagiso Ntshingila discuss into an intriguing comparison between the world of Bitcoin, specifically BTC, and a phenomenon known as a "cargo cult." The hosts used this analogy to critique what they see as the superficial understanding and practices surrounding BTC, contrasting it with Bitcoin SV (BSV), which they argue has real-world utility and innovation.

The Cargo Cult Comparison

The central theme of this episode is the analogy between BTC and a "cargo cult", a term used to describe a belief system developed by isolated tribes during World War II. These tribes, unfamiliar with modern technology, observed soldiers building airstrips and receiving supplies dropped from planes. After the soldiers left, the tribes tried to recreate this by building their own mock airstrips, towers, and planes out of sticks and straw, hoping that doing so would bring the planes back with more supplies.

The hosts argue that many BTC supporters behave similarly. They believe that by following rituals, such as HODLing (holding onto their coins without spending them), celebrating Bitcoin halving events, and using certain symbols (like the BTC ticker), they will automatically be rewarded with wealth. Just as the cargo cults misunderstood the technology they were trying to mimic, the BTC community is seen by Gamaroff and Ntshingila as misunderstanding the real innovation and purpose behind Bitcoin.

BTC as a Cargo Cult

Throughout the episode, Lorien and Kage discuss how BTC enthusiasts seem fixated on the surface-level aspects of Bitcoin, like its limited supply and decentralisation, without truly understanding how these factors interact with real-world economics. For instance, they criticise the belief that simply HODLing Bitcoin, without any utility or innovation, will somehow lead to future wealth. Kage likens this to "putting empty pots on the stove and hoping there will be a stew after a while."

The hosts go further to suggest that BTC's focus on symbols, such as the famous 21 million coin limit and decentralisation, is more about faith than substance. Lorien notes that these symbols have become like the cargo cult’s wooden planes, empty representations of value without the underlying innovation needed to generate real-world utility.

The BSV Difference

In contrast, Lorien and Kage promote Bitcoin SV (BSV) as the true heir to Satoshi Nakamoto’s vision, focusing on its utility rather than speculative value. BSV, they argue, is like a real, working airplane compared to BTC's straw models. With its low transaction fees and scalability, BSV is presented as a blockchain with practical applications, especially in payments and enterprise solutions.

Centbee is building on this utility, offering tools for everyday transactions such as buying groceries, sending money, and paying bills, all powered by Bitcoin SV. This focus on utility is what sets BSV apart from BTC, which Lorien and Kage see as trapped in a speculative bubble driven by rituals and hope, rather than real economic value.

Conclusion

The episode wraps up with a reflection on the broader crypto landscape, urging viewers to think critically about where real value lies in the blockchain space. According to Lorien and Kage, Bitcoin SV offers a path forward built on hard work, innovation, and tangible utility, whereas BTC’s reliance on faith and symbols resembles a cargo cult waiting for wealth to fall from the sky.

For the Centbee hosts, the message is clear: real wealth doesn’t come from sitting and waiting, it comes from building and using technology that adds value to the world.

As the Centbee Show approaches its one-year anniversary, it continues to provide a critical and engaging look at the world of cryptocurrency.