So this dude Max Azzarello lit himself on fire at Trump’s trial. I’m sure most everyone who has been on X for 10 seconds today has heard about this or seen the video of him singing about starting “a fucking revolution” and ranting about a crypto Ponzi scheme.
Anyway, there was a picture I had seen of a sign he was holding that had his substack. I started reading his work as I was intrigued about this global “Crypto Ponzi” he is talking about.
The Cryptocurrency Ponzi that he describes is basically what happened with FTX, but on a global scale encompassing all cryptocurrency markets and will bleed into all financial markets, ultimately ushering in a reign of financial fascism. Now, this dude lit himself on fire…so there are some mental health issues at play here, but I wanted to know more, specifically what role did he feel Bitcoin would play in this scheme.
He specifically mentions Bitcoin a few times, but seems to have a real lack of understanding about what Bitcoin is and what it actually does. After reading I got the impression that he only mentioned bitcoin because it was the most well known. Unfortunately, what he totally ignores about Bitcoin is self custody.
Yes, if bitcoin could only be accessed through an exchange or third party the Ponzi likelihood is almost total (paper Bitcoin). I agree with him on this, but the beauty of Bitcoin is in the ability to self-custody. If Mr. Azzarello had understood this, I believe he would have seen Bitcoin as a way to fight the fascist apocalypse he was so afraid of, instead of self immolation.
TL;DR Self-custody of Bitcoin is the fucking revolution.
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