Deception Vs Utility
How Crypto Evangelists Are Destroying Cryptocurrency’s Disruptive Potential
At the height of Bitconnect’s glory, as it had already reached the top-10 of market cap in 2017 and grown into one of the largest scams ever, the first investors of the platform were getting ready to withdraw their massive returns. Little did they know Bitconnect was about to exit scam.
The loud voices of Bitconnect advocates were not allowing investors to heed any warning.
After the collapse of this scheme, the same people that were promoting it blamed the victims and their greed for the losses they suffered. According to the Bitconnect promoters it was never their fault.
The same story repeated with all of the custodian platforms in 2021–2022. While the re-lending schemes presented lower yields than Bitconnect, they still operated an unsustainable model that in the end collapsed like a house of cards.
Unlike Bitconnect, the advocates of these schemes were professional Ponzi lords and made them seem like legitimate trusted operations.
The Fish Stinks From the Head
As many of us were doing with Bitconnect in 2017, we also warned about the recent schemes of 2020–2022 like Celsius, BlockFi, and Terra Luna, but the mainstream suppressed our warnings and the companies behind these platforms also threatened with legal action anyone raising doubts.
Instead of encouraging price speculation, we should consider the plethora of factors that describe the cryptocurrency domain as a disruptive financial technology.
We should be asking real questions when investing.
Do we understand what financial freedom stands for, or do we naively believe this is all about having more fiat money in the bank account?
Do we comprehend the concept of censorship resistance and why it matters for dissidents to counter authoritarian and repressive regimes?
Have we realized there’s a transition from fiat to permissionless P2P Electronic Cash transactions?
Have we comprehended what Bitcoin stand for, what Satoshi and the early community intended to create, and how it turned out to be?
Are the crypto “experts” only interested in the speculative side and gambling, and can anyone trust them? What are the credentials of these experts anyway?
Adam Back, the patriarch of maximalists and a Satoshi candidate, seems like he was never interested in creating a new all-inclusive money system that would replace the weaknesses of fiat money and empower the individual against state oppression and financial exclusion.
Adam Back was calling us FUDsters when we were warning investors.
A similar situation was in 2017 when we were trying to talk people out of Bitconnect, but the loud voices of Ponzi promoters did not allow us.
Adam Back’s counterpart, Samson Mow, does not share Satoshi’s intentions and presents a case that Bitcoin was never about the poor, effectively excluding billions of people from the financial revolution.
Bitcoin according to those that hijacked the narrative (and the logo) is not for the poor. Still, anything can change, and now custodian and censorable LN options become the new norm. Still, LN is not appealing to the masses as a Paypal version 2.0. People want to be free from trusted third parties, but LN is incapable of offering such freedom.
Vitalik Buterin does not feel like Ethereum failed with fees reaching $500 to perform a single transaction. For Vitalik, it was Bitcoin Cash that failed, a decentralized blockchain with instant transactions and reliable low fees (lower than a penny).
Vitalik fell into the price-trap argument making absurd claims about the competence of the Bitcoin Cash camp to justify how Ethereum failed to deliver a scalable product with low fees.
Deception at its finest by the crypto tycoons. Vitalik seemed uninterested in the maximalist narratives but lately will use anything that serves to divert attention from Ethereum’s high fees.
Bcashers were right all along.
The mainstream suppresses what is important. In the past, it did the same with Bitcoin when it was still revolutionary and growing into a competent competitor to fiat in commerce.
As soon as the AXA-funded Blockstream developers blocked Bitcoin from scaling, the mainstream media reverted their initial negative position. This was the trade-off for Core devs. No global adoption but mainstream attention and media promotion.
In Conclusion
As enlightenment begins, the demonized laser-eyed BTC maximalists and their deceptive narratives make less sense than ever.
People are waking up and old together with new supporters of working cryptocurrencies stepping up to support utility over speculation.
Satoshi intended a decentralized competitor to Visa/Mastercard. A better money form, free from oppression, supervision, and censorship.
Satoshi created money for the whole world, not just a small elite.
Cover on Pixabay by geralt
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Was Vitalik working with Elon? I'm not aware nor updated about them.
Money for the whole world, that's radical that balance the scale and opportunity.