From Bitcoin Jesus to stablecoin shadows, explore how the pursuit of decentralized finance morphed into a system entangled with elite power and government debt.
Money, Vile Means, and Crime: How Crypto's Promise Crumbled
Remember when crypto was all about sticking it to the man? Now it's cozying up with Uncle Sam. This is the story of how 'Money, Vile Means, Crime' became intertwined with the rise and fall of crypto's idealistic vision.
From Bitcoin Jesus to the Treasury: A Wild Ride
Back in the day, Bitcoin was pitched as a financial revolution, a way for the little guy to break free from government control. Fast forward to today, and you've got the Trump administration and bipartisan Congress embracing it. What happened? It turns out, instead of empowering the masses, crypto became a new tool for the elite to hoard wealth and power.
The Illusion of Decentralization
Bitcoin's big selling point was decentralization. No central authority, no manipulation. But scratch the surface, and you'll find a different story. A handful of developers control the code, and a few mining pools dominate the network. Remember the Bitcoin Scaling War? It showed how easily a small group with conflicts of interest could distort the market.
Stablecoins: The New Shadow Banking System
Enter stablecoins, pegged to the US dollar. They were supposed to bring stability to the volatile crypto world. But they've become a shadow central bank, propping up government debt and weakening the Federal Reserve's control. And let's not forget Tether, with its unaudited reserves and history of market manipulation.
Crime and Security in the Crypto World
The pursuit of money through crypto has also led to an increase in crime. From hacks and scams to physical threats, the digital asset space has become a target. The rise in wrench attacks, where individuals are coerced into giving up their crypto holdings, is a stark reminder of the dangers. This has led to crypto figures turning to private security. Bitcoin podcaster Peter McCormack launched a private security initiative in his hometown, citing concerns over public safety.
The Ironic Twist
The most ironic part? Roger Ver, the
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