Welcome to Learnings—our open journal documenting the real-time journey of building a Bitcoin company.
What are “Learnings”?
Learning is the process of gaining new knowledge or skills through study, experience, or teaching. Here at PlebLab, we’re all dedicated to sharing these ongoing hard lessons as we build Bitcoin-focused projects, companies and founders. From the first lines of code to the stories of trial-and-error, Learnings hopes to capture the reality of creating a Bitcoin company in real time.
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Innovate, Don’t Imitate: The Art of Bitcoin Authenticity
Someone famously said, “Imitation is the sincerest form of flattery.” However, the rest of this quote shines a bit brighter and really makes it sing:
“Imitation is the sincerest form of flattery that mediocrity can pay to greatness.”
When someone copies your ideas, it can sting—especially if you’ve poured your heart and soul into building a unique product, service, or creative pursuit.
In the Bitcoin space, it’s easy to feel baffled when you notice new “fishermen” casting lines in your once-blue ocean. (Haha' oh the joys of inspiring others.)
Before getting drawn into an unproductive race of one-upmanship or spiraling into self-doubt, remember you’re not alone.
This is where it starts to get fun. Below, I’ve shared some lessons I’ve learned when dealing with imitators, along with a story at the end to (hopefully) tie it all together. I apologize in advance if this comes across as a bit scattered—I was working late at the lab trying to get everything down before I forgot and moved on to the next thing on the priority list.
This is a question I get asked all the time by founders, developers, and builders in the ecosystem:
“Car, what do I do when people copy me?”
Now I’ll have a solid place to point them to in the future.
No. 1: Focus on the Swing in Front of You
I played golf in high school. We spent about 80% of our time drilling our short game and sharpening our focus. My coach’s mantra was that even if you’re in a group, your real competitor is the course—and yourself. Your playing partner’s shot might be interesting, but the secret to success on the course is zeroing in on your swing.
He was right. (I actually talked about this with Michael from Oshi on a podcast back in 2021, he also played golf.) Constantly comparing yourself to others can derail your focus and throw off your entire game.
It was sage advice then, and it’s something I’ve always kept in the back of my mind, carrying it with me into everything I’ve approached since. I’ve never been a competitive person—but I really don’t like being told something is impossible or that I’m incapable of achieving something.
Create Your Own Niche and Keep Working
If you’re genuinely original, you have a lot of work ahead—but that’s a sign your idea is groundbreaking and requires a solid foundation. Others may have more money, a longer runway, or massive influence, but consistent effort often beats raw talent consistently. One thing I noticed right away when entering this space is how many people in Bitcoin stick to standard business hours and holidays. But here’s the thing—that doesn’t mean you have to. Level up while others are sleeping.
Stay Calm and Measured
Running a Bitcoin business (or any venture) effectively demands concentration and inner composure. A measured approach involves carefully considering all the available information before deciding. When I took over as CEO of PlebLab in 2023, one of the most surprising things was realizing just how many people genuinely cared about what we had created. When dealing with this type of pressure means analyzing the risks and rewards, assessing the impact on others, and ensuring that any action is aligned with the values and long-term goals. Keep perfecting your craft so that excellence becomes tough to duplicate.
Focus on What You Can Control
This might seem obvious, but I see it often with young Bitcoin founders. When no one wants to implement what they’ve created or engage with their contributions to the ecosystem, they can get quite frustrated. In their feelings, they might vent on X or Nostr to express their disappointment.
Remember, people are always watching and taking notes. It’s okay to let off steam—we encourage it in the lab because everyone has their days—but when it comes to the public eye, the only thing you truly control is your performance.
Focus on continual self-improvement of your startup. By doing so, you’ll keep moving forward, no matter how the competition stacks up.
No. 2: Embrace the “Competition Is for Losers” Mindset
I recently listened to a Peter Thiel interview on Rick Rubin’s podcast. Thiel, co-founder of PayPal, famously said, “Competition is for Losers.”
While it might sound harsh, his point is that genuine innovation rarely happens when you’re too busy trying to outdo someone else doing the exact same thing.
He went on to say, "The opposite of perfect competition is monopoly. Whereas a competitive firm must sell at the market price, a monopoly owns its market, so it can set its own prices. Since it has no competition, it produces at the quantity and price combination that maximizes its profits."
Rather than fighting for minor advantages in a crowded market, aim to create something so new and distinct that you leave others behind.
Competition Isn’t All Rivalry
It can propel not only your startup but the entire ecosystem forward. When new players enter your blue ocean, it validates the value of your niche and challenges you to refine your unique strengths. This should encourage growth, fresh ideas, and greater success for all involved.
If competition acts in bad faith—which does happen in Bitcoin—don’t give it too much attention. Other founders and companies typically catch on to this sooner rather than later. More often than not, that kind of behavior doesn’t scale when building a Bitcoin company—even though it does in the fiat world. Stay the course.
See It as Validation
Imitation confirms you’re onto something valuable. As Thiel might say, “If you want to compete, start a restaurant.” But if you want to innovate, carve out a space all your own.
No. 3: Use It to Move Others in the Direction You Want to Go
Steve Jobs once noted that “everyone copies everyone” in the computer industry, we might never have gotten the fonts and user-friendly interfaces Apple pioneered.
Jobs criticized Microsoft who copied Apple as lacking “taste” or a deep understanding of design and user experience.
Being a leader in your ecosystem often means acting with integrity and guiding others in the direction you believe is best—even if they don’t follow. And that’s okay. The great thing about building in Bitcoin is that reputation, proof-of-work are what truly matter to succeed and get to that next level.
Love what you build
Those who copy are often just looking for shortcuts, with no clear sense of purpose. Someone who truly loves what they build understands the reason behind every step in the process. Apple’s early edge wasn’t just the ideas themselves, but how beautifully and intuitively they were executed. Keep perfecting your product, service, or craft so excellence remains hard to duplicate.
Remember Your North Star
The hardest things produce the highest value when building a Bitcoin company. That one sentence alone could be an entire lesson on its own, but we’ll save it for another day.
A North Star defines the essence of your startup’s purpose—its core mission, target users, and envisioned future. When used as a guide, it’s about more than what you do; it’s about why you do it. This clarity unites founders, team members, and even investors around a shared vision of success.
Focus on What You Do Uniquely Well
When you double down on your strengths, it becomes far harder for competitors to replicate you. And remember, a long-term vision will always outlast any short-term skirmish.
When Legends Said, ‘Don’t Bother’
In early 2021—long before we built PlebLab—we spoke with Francis from Bull Bitcoin (yes, the legend himself). He advised us not to bother, saying we were building something that had already been tried in Canada in 2014 and that we were likely too early. At the time, I couldn’t understand why accelerating Bitcoin companies would be such a challenge—perhaps it was a classic case of “not knowing what we don’t know” and being green.
Much later, I jumped on a call with another legend, Giacomo, who told me he’d tried something similar to PlebLab in 2018—well before we arrived on the scene. He asked me about a dozen questions about what we had tried, what worked, and what didn’t, eventually expressing surprise that we hadn’t given up yet. Looking back, I suspect he was simply trying to spare me future heartache. I listened, thanked him, and kept moving forward.
Both Francis and Giacomo still check in from time to time, and I’m genuinely grateful for their advice. They were not wrong, in giving us advice when we asked for it. Some of our past partners have also told us the same. Even so, after hearing this, PlebLab pressed on.
When others started copying us, I merely saw it as validation but instinctively knew accumulating capital/satsflow was all that mattered long term.
What set us apart from previous attempts or copycats?
First it wasn’t just one person running the show—we were (and still are) a team of hacker misfits. Yes, it's my head on the platter but I continue to seek feedback from everyone at the lab. (It's one thing to say that but it's another thing to live it.)
Second from the early days, our north star as founders was always very crystal clear: to support the next generation of Bitcoin builders and startups. It sounds simple, but it’s anything but. When you get into the nuts and bolts, you realize how much effort goes into cultivating great founders and building epic Bitcoin companies. We’ve poured our hearts into creating what we believe is the accelerator for the Bitcoin era. And after four years of proof-of-work, we believe our results speak for themselves.
Ultimately, building a bitcoin business isn’t about chasing every distraction; it’s about refining until it's completely polished before you can move on to the next thing in your priority list, honing in on your strengths, staying true to your own north star and building a sustainable businesses for the long term is all that matters.
Thank you for reading this far. Whether you’re a builder, supporter, or curious observer, your presence helps make PlebLab what it is. Stay tuned—there’s so much more to come. In the meantime check out our latest ~builders post on Stacker News.
