This is an editorial by Mickey Coss, a graduate of West Point University with a degree in Economics. In the infantry he spent four years before transferring to the Treasury Corps.
2022 started off with a bang, especially in Canada. Whether or not you agree with the premise behind the Canadian trucker protests, I think most people can agree that free speech is a vital right in modern Western democracies.
But when the Canadian government started cracking down on protesters by freezing bank accounts, people turned to Bitcoin to survive. Organizations like GoFundMe not only stopped protesters from receiving the money they raised, they even tried to give the money to the causes they supported. After some commotion, GoFundMe ended up refunding the money, but the message was clear.
However, Bitcoin has allowed truck drivers to circumvent these restrictions.
The above is an excerpt from a Motley Fool article written in March 2022. I don’t agree with that conclusion or reasoning, but the fact that the traditional press was asking such questions was probably a big signal that the norm was starting to change. Catch
Recently, the Iranian government announced it would freeze the bank accounts of women who refused to wear the traditional Muslim hijab in public. was followed by imprisonment and the threat of execution to do so. As of December 8, 2022, one of her protesters had already been hanged by the Iranian government.
It is true that no one will save you. Ethereum claims to be the new decentralized money of the internet, but the protocol imposes Office of Foreign Assets Control (OFAC) sanctions on its base layer. It is becoming clear that perhaps Bitcoin is the only freedom money that can be easily transferred. I think this distinction has become clearer as 2022 continues.
Altcoin Bonanza goes up in flames
“The same technology that enables peer-to-peer money has enabled peer-to-peer fraud.”
– Lynn Alden, “Swan Signal” Episode 92
From Celsius to Three Arrows Capital, Luna, FTX, Blockphi, Voyager, and even Gemini, all altcoin companies have suffered in one way or another through leverage, rehypothesis, and algorithmic Ponzi schemes. rice field. The biggest use case for cryptocurrencies seems to be making quick money at the expense of others. It’s like a return to the tech boom of the 1990s.
One of the most interesting parts of this fiasco was the accusation of a shortage of bitcoin held at FTX after the bankruptcy filing revealed its balance sheet. Whether the accusations are true or not, the fact that it’s a valid question is clear. Slowly but surely, I think people are beginning to understand the difference and realize that Bitcoin and cryptocurrencies are not the same after all.
Turning point in 2023
Bitcoin differentiates itself not only from traditional banking systems, but also from cryptocurrencies in meaningful ways.
The FTX debacle highlighted the need for self-management. Your coins may not actually exist and the only way to be sure they are real is through control.
Will this be a turning point for Bitcoin? Will people en masse wake up to the importance of self-management? Only time will tell. I am optimistic that this trend will continue and gain strength from centralized exchanges and their ability to enforce censorship on behalf of hostile regimes. It’s good enough.
If you’re still hesitant about self-managing, I recommend watching the BTC session demo. It’s not that hard and peace of mind is priceless. When the Celsius exploded earlier this year, I lost almost everything. don’t be like me Stop procrastinating and get Bitcoin now. Only then can you truly understand why and how they differ.
This is a guest post by Mickey Koss. Opinions expressed are entirely his own and do not necessarily reflect those of his BTC Inc or Bitcoin Magazine.