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15 sats \ 2 replies \ @028559d218 27 Oct \ on: Trump: Effect on Bitcoin vs. Crypto bitcoin
The above, in my opinion, is the most nuanced, accurate, and also man-behind-the-curtain take on the current elections, at least as far as Bitcoin and cryptocurrency is concerned.
Trump is not a Bitcoiner. He and those around him literally launched a memecoin, which they named 'liberty financial' (like an infomercial to vulnerable seniors) which is impossible to sell and cannot technically be traded.
They have limited the 'scale' and trade-ability of the token SO MUCH in fact to avoid US securities laws while promising to be 'pro-crypto' - as if memecoins and unregistered-securities help Bitcoin in any way.
Bitcoiners, for the most part, have little angst for Gary Gensler, who taught a full class on Bitcoin at MIT years ago. Instead it's ****coiners and unregistered-securities dealers and their VCs who want to see Gensler gone... so they can pump and dump illegal securities on the retail public. For a time, at least.
This 'pump' won't last forever... All this 'crypto' over a long enough time period goes to zero relative to Proof-of-Work like Bitcoin... but it also exacerbates the situation and delays clarity on what Bitcoin is vs everything else when 'deregulation' occurs only to give legitimacy... to unregistered securities and crypto casinos.
I think it's logical that... everyone really knows that it's a big casino outside of Bitcoin and maybe one other proof-of-work coin. There's just nothing there.
Some Bitcoiners keep saying that Trump 'helps' Bitcoin... but I'm not sure this is the case. The 'cure' obviously is more Bitcoin. The disease however is unregistered-securities and crypto casinos... and 'making a deal' with one to get more of the other I'm not sure is the answer.
GREAT post (my two sats)
I appreciate the kind words and wholeheartedly agree with you that the crypto goes to zero eventually. It is unfortunate that it confuses people who are new coming to the space as they get bogged down with the thousands of other BS projects. Its so sad when someone new to the space gets burned putting thousands of dollars into a scam coin (whether its shibu inu or Trump's jpg nft or Trump's latest liberty financial scam) and they then tell their friends "I got burned investing in bitcoin" because they conflate all of it.
I'm hopeful we get there eventually but looking at how much profit there is to be made selling unregistered insider premined securities, and how much money those scammers give to politicians, I think its going to take longer than my limited human lifespan may like!
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Bravo.
I agree with you 100%. I believe it only delays the Bitcoin revolution and adds 'confusion' to the space... having unregistered securities alongside Bitcoin. All the NFTs, tokens, and crypto schemes harm the 'sound money' proof-of-work revolution... and confuse people.
Having said that I believe things are starting to turn the corner. The Eth/Btc ratio is the lowest its been in years, and it seems apparent that Wallstreet actually knows the difference between 'this thing' and 'everything else'. Fidelity has some presentations/write-ups about it.
On the bright side, you get to stack Btc at cheaper than it would otherwise be... so while it's a double-edged sword there is Definitely a good side ;)
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