To be fair, the majority of the crypto community is also complicit in this. We have become addicted to euphoric returns on tokens that are yet to deliver any real-world utility, and we are so eager for more profit that we don’t want to lift the lid and look at the speculative, predatory mess that crypto is becoming.
Let’s face it. The infinite supply of freedom porn peddled by Bitcoin advocates may be nice to daydream about when were scrolling #cryptotwitter, but it will do absolutely nothing to steer the ship away from the rocks.
The Dichotomy of Failure
Ultimately, it’s the dichotomy between what Bitcoin influencers say and what they do that scares me the most. Bitcoin’s highest disciples parade their hatred for fiat money around like it’s a moral virtue. Yet they are blind to the very same fractional-reserve banking practices occurring within crypto markets right now, with hundreds of billions of dollars in short-term-debt-backed Tether artificially and fraudulently inflating markets. They will tweet about financial liberation until their thumbs bleed, and yet they say nothing about the increasing corruption and predatory behaviour emerging in every sector of the crypto economy.
It makes sense that the unregulated, ‘Wild West’ of crypto has become a haven for financial idealists and con-men alike. However we are rapidly approaching a point of critical mass. If Bitcoin whales and influencers don’t begin to self-regulate and cut out the rot in the community, then things are going to get dangerous.
Instead of working to democratise the process — by distributing Bitcoin to the community in meaningful ways or looking for methods to stabilise the volatility of the currency — what are the Bitcoin influencers and elites doing?
They’re merging with same people and institutions that Satoshi Nakamoto despised from the outset. A Bitcoin ETF is on it’s way and already, conglomerated funds like Grayscale Bitcoin Trust allow gargantuan firms to purchase Bitcoin for well below it’s Net Asset Value (NAV) and game the system.
Bitcoin influencers and the elites they serve, have become nothing more than pseudo-libertarian versions of the Wall-St Bankers that Bitcoin once sought to free us from. If crypto was truly achieving it’s stated aims of financial freedom and the real decentralization of money we’d be inhabiting a different world.
Twitter wouldn’t be overflowing with Bitcoin influencers posting pictures of their “gain-porn” and tweeting rocket emojis every time Bitcoin jumps $100 in value. We’d be living in a world where drug-addicted con artists like Michael Saylor and Max Keiser would be burning out the rot and tearing the corrupt team of swindlers at Tether to shreds.
Thank you everyone for reading! We have plenty of more articles coming soon, so stay tuned. I want to give a special shoutout to my friend ginsbergonomics
, who I’ve partnered with on this newsletter.
He posts tons of unbiased content and is very well-versed in the crypto sphere. I highly recommend following him if you haven’t already.
Have a great day everyone!