A warning to Bitcoin supporters. The devil pays badly to those to serve him well.
I don't know if you have noticed that one of the biggest bitcoin supporters has been talking about ERC20 tokens as securities, and since so energetic about it, at times he just seems to wonder why the relevant agencies are not taking over and seeing all cryptocurrencies projects.
The reason is very simple; the future is not money as Bitcoiners want to paint it. No one knows the exact picture because that is the nature of the future and it is uncertain and past results don't guarantee a certain future either. Bitcoiners like to paint the picture in which they and their asset alone will win everything and they will not need any other network besides Lightning Network, and they go far and do not even support their sidechains that are right now trying to bring more utility and usage to the main layer.
I am speaking about Rootstock which in my opinion is the first sidechain that supports the Bitcoin ethos because it is not trying to create an additional asset to pay for transactions and also is trying to bring more utility to Bitcoin by using bridges to link the two networks, not to mention they are also supporting Lightning Network so that both store of value narratives and digital currency can convert in a single point which will also be a third layer that works putting all the chains together. And yet Bitcoiners don't support those kinds of projects. It is as if like Bitcoin Cash supporters were not happy with SmartBCH and would fight it at every chance.
The reason Saylor calls for regulations and Bitcoiners not supporting development that will bring more users to their network as a whole is that both fear the rise of other projects other than Bitcoin, and they fear that those decentralized projects that both Saylor and Bitcoiners attack will end up eating away at Bitcoin marketcap because they bring and generate more utility besides sending satoshis to a coffee shop. They fear a token getting popular because people realize that they can't rely on centralized parties like Coinbase, Gemini, Binance, and many others as such users decide to adopt a decentralized exchange, and probably other users may realize they can exchange their money for that new token that provides a source of income because it pays stakers real fees, and not inflation. I am talking about Sovryn which doesn't pay stakers from inflation but real usage.
Not only that they fear other projects taking over the marketcap of Bitcoin, but they are also using the government to fight cryptocurrency projects using outdated laws like securities laws in the United States that are probably older than mine. Sure those securities will disappear from the United States and will just go to other nations but the competition will still be here somewhere what won't be here are those willing to fight the Bitcoin case once the United States is done with those it can reach and start to look to Bitcoin to regulate it out of existence.
People that are short-minded think that once the government is done regulating everyone else out of the United States bitcoin will be left alone but that is far from the truth once you are alone and the bigger one and once those that could be willing to fight for you are gone than at that moment the United States will turn its head around and go against you. Those Bitcoin supporters don't seem to recognize that those that do a good job for the devil get the worst compensation.
The devil always pays badly to those who serve him well. Let it be a warning to those who think working with the government to regulate others out of business. I would recommend watching what happens to SBF because probably he was trying to do good work for the government or at least buy some politicians and will get also his reward soon.
