A few thoughts on last weekend’s BTC shindig in Nashville, an event at which Satoshi Nakamoto would have been on the outs with the attendees, who appear to have rejected everything he/she/they stood for (1/9)
Bitcoin was designed as peer-to-peer electronic cash, yet BTC fans are cheering U.S. draft legislation that would define Bitcoin as a commodity that can’t be used “for the purchase of a sale or good” (2/9)
https://archive.is/o8nZP
https://subscriber.politicopro.com/article/2024/07/warren-knocks-stabenow-crypto-bill-00171165
The Nashville rally produced little evidence that anyone in the BTC camp cares about the network’s ability to do anything beyond increase in value. Which is why the event’s dominant theme was ‘the US gov’t should use taxpayer cash to buy BTC and pump our bags’ (3/9)
Nobody offered any real justification for why U.S. taxpayers should be asked to ante up just so a tiny sliver of society—including non-Americans—could financially benefit from an ill-advised speculative wager (4/9)
It’s also unclear how a ‘strategic BTC reserve’ would help America reduce its $35 trillion debt. Even assuming BTC rose to $25 million a token (and pigs fly), selling all that volume to pay the debt would crash both the token and the dollar (5/9)
Then there’s the strange sight of all those former anti-statists cheering the idea of their federal government using other people’s money to bail them out. No atheists in a foxhole and no hypocrites in a crypto casino, apparently (6/9)
They wouldn’t need this state subsidy if BTC was being embraced by new converts. Instead, ownership concentration at the top is accelerating, with whales buying each dip to cover the fact that the general public now understands it’s a rigged game (7/9)
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
I got into Bitcoin for the technology, which is why I support the BSV Blockchain, the only protocol that Satoshi would recognize as their own. BSV is the only protocol focused on expanding enterprise blockchain use cases for the benefit of the many, not the few(8/9)
Unbounded scalability, a fee structure that enables micropayments, data storage capabilities, a ‘greener’ energy footprint, the backbone of Metanet (the internet of the future) … BSV is the world’s only true enterprise blockchain, the one platform that can do it all (9/9)
Calvin Ayre
Jul 31, 2024
https://x.com/CalvinAyre/status/1818618789811921351?t=XoSt5k0VDjViTsjL7MGiGg&s=19
Bitcoin was designed as peer-to-peer electronic cash, yet BTC fans are cheering U.S. draft legislation that would define Bitcoin as a commodity that can’t be used “for the purchase of a sale or good” (2/9)
https://archive.is/o8nZP
https://subscriber.politicopro.com/article/2024/07/warren-knocks-stabenow-crypto-bill-00171165
The Nashville rally produced little evidence that anyone in the BTC camp cares about the network’s ability to do anything beyond increase in value. Which is why the event’s dominant theme was ‘the US gov’t should use taxpayer cash to buy BTC and pump our bags’ (3/9)
Nobody offered any real justification for why U.S. taxpayers should be asked to ante up just so a tiny sliver of society—including non-Americans—could financially benefit from an ill-advised speculative wager (4/9)
It’s also unclear how a ‘strategic BTC reserve’ would help America reduce its $35 trillion debt. Even assuming BTC rose to $25 million a token (and pigs fly), selling all that volume to pay the debt would crash both the token and the dollar (5/9)
Then there’s the strange sight of all those former anti-statists cheering the idea of their federal government using other people’s money to bail them out. No atheists in a foxhole and no hypocrites in a crypto casino, apparently (6/9)
They wouldn’t need this state subsidy if BTC was being embraced by new converts. Instead, ownership concentration at the top is accelerating, with whales buying each dip to cover the fact that the general public now understands it’s a rigged game (7/9)
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
I got into Bitcoin for the technology, which is why I support the BSV Blockchain, the only protocol that Satoshi would recognize as their own. BSV is the only protocol focused on expanding enterprise blockchain use cases for the benefit of the many, not the few(8/9)
Unbounded scalability, a fee structure that enables micropayments, data storage capabilities, a ‘greener’ energy footprint, the backbone of Metanet (the internet of the future) … BSV is the world’s only true enterprise blockchain, the one platform that can do it all (9/9)
Calvin Ayre
Jul 31, 2024
https://x.com/CalvinAyre/status/1818618789811921351?t=XoSt5k0VDjViTsjL7MGiGg&s=19
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