Chris on Crypto
Chris on Crypto 2 minutes reading from Bitcoin

Bitcoin Crash: Bets On The Fire

Bitcoin is at an incredibly discounted price. Large players adding fuel to the fire want this crash to happen in order to accumulate cheap btc. This is an opportunity they know of, and will only tell you once they've filled their bags. Nfa.

Exchanges come and go. FTX blowing up is a stain on centralised exchanges and scam projects. These blowouts happen in so-called 'regulated finance' too (queue 2008). Safety is an illusion, for the most part.

There are only trade-offs - some better than others. This situation is a rock-solid argument for decentralisation. Projects that are not decentralised must differentiate themselves as securities (or whatever) in their whitepaper. They must not mislead investors.

Additionally, CZ's call for proof-of-reserves is very promising. This should be an industry standard. Coinbase, Kraken and yes Bitfinex have taken steps in the right direction. More can be done. Burning users is unacceptable.

CZ 🔶 Binance on Twitter

Do these events change the btc and ltc core value proposition? Not in the slightest. OG coins are still around because security and decentralisation are not traded off for max. efficiency. Efficiency means intermediaries. Intermediaries create concentrated decision makers.

Slow and deliberate updates are a feature not a bug. Bitcoin and Litecoin are the "people's money". I'd add Monero because you never know how tyrannical a government might become. And let's not pretend this is impossible. Govt. oppression is the story of mankind.

Bitcoin and Litecoin are the innovators. They're not shiny new projects with nice graphics and mega marketing schemes. Censorship resistant, privacy-preserving with a fixed supply & issuance. This is the core innovation. This is value. We are still early.

This post is based on this twitter thread.

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