Thread
Main reflection every time I go to DC:
It is astonishing how much damage the term “crypto” has done as a one size fits all category
The worst altcoin scam promoters are lumped in THE SAME meetings and treated with the same cordiality with Bitcoin miners and stablecoin issuers. All the time.
Congressmen and women scammed by SBF are weary of “crypto” - and they are right!
We need to be specific
“Crypto council” type constructs are silly. Why should Bitcoin miners have to share a table and discuss fart coin? Completely unrelated to what they do
Huge respect to BPI for pushing in this direction, their name alone means and does a lot
There should be Bitcoin meetings, legislation, working groups etc which exclude affinity scammers or anyone not working on Bitcoin
Replies (18)
Please don't include stablecoins with bitcoin. They are crypto and arguably the worst crypto.
100% of inflation risk of fiat.
100% of key management hassle and online security risk of bitcoin.
Take your crypto portion and split it into its 2 component parts.
Keep the counterparty rug risk
discard the miniscule chance that you bought a winning lottery ticket.
On top of that every argument for stablecoins has to start with a presumption of some validity of fiat.
Even when I was new and ill informed enough to be into crypto I knew better than to ever touch stablecoins.
Totally agree
I suggested three categories for councils, working groups, legislation:
Bitcoin
Stablecoins
Everything else
If they must legislate, and we both know that they feel they must. My models in order are,
Don't bother you can't win
Go nuts, fiat is their baby anyway
Casino rules
Remember "crypto" is a scam because you can't buy anything with it whereas "Bitcoin" is a scam because you can't buy anything with it either.
I buy a lot of things with bitcoin
Maybe you can’t buy anything with it, but that’s on you
I buy things with it every day
I pay rent with bitcoin
Crypto is a scam cause it’s made out of thin air by con men
Is that what your waiting for? Someone on the TV to tell you it's accepted at your state run grocery store?
Good.
Unfortunately people like David Sacks and even the president are shitcoin scammers.
"dear government, please give me special treatment and regulate my competition out of existence"
ah yes very cypherpunk of you
A lot of smooth brains in the comments here.
Who did SBF donate to before he got screwed by him?
DC is satanic energy suck. Stay focused.
This is my constant battle with folks I care about - they can't see the garden beyond the weeds...
