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"The Bitcoin maximalists were correct again. No good will come of them. They should burn in hell. They're to blame for everything that's wrong!

It seems like every year since 2020, I hear some form of the following from persons involved in the "crypto" industry:

"Listen, a billion-dollar firm won't fall down in a flash." That’s impossible. You assume their business plan is to take your $2,000 in cryptocurrency, and yet they fund a full stadium. Stop being such a moron. You may trust it with your bitcoins. It's not worth the hassle to try to handle custody matters on your own. Custodians are crucial if we desire widespread adoption.

These individuals have a confidence in VC-backed organizations that is more misguided than that of the most religious fundamentalists.

Yet the educators who are the driving force behind these establishments are held in the highest esteem by the media, even as their views drive people to the brink of annihilation. Consider the case of Mr. Wonderful:

Why the FTX collapse may have been the best thing that could have happened to bitcoin in 2022, igniting the next bull market.

What I said in my satirical piece in October is validated by these findings. The "smartest in the room" today are as clueless as the rest of the lemmings rushing into the lava, so you know we're in late-stage fiat.

They are so used to the convenience of living in close proximity to the money printer that they cannot fathom the significance of the existence of a decentralized digital currency like Bitcoin. They are blinded by the paradigm that has given them success up to this point, and as a result, they have no business passing judgment on something as paradigmatically different as Bitcoin.

TOXIC!!!

Bitcoin maximalists are disregarded when they transform warnings into memes like "not your keys, not your coins" or when they preach the necessity of "sound money" like "Bitcoin solves this," as though they are either a) extremists or b) dull and out of date.

The Mr. Wonderfuls, BitBoys, and Vitaliks of the world all respond uniformly with "toxic."

Okay, back we go again.

It's a fact that Ponzi schemes always collapse far more rapidly than they rise, and that when their ascent has been spectacular, their eventual demise will be much more spectacular. We've come a long way, baby, from Mt. Gox to BitConnect to Luna to BlockFi to Celsius to Voyager to FTX.

They're identical to one another and provide no advantages over competing bitcoin firms. To be clear, I use the term "company" since all of these purported "projects" are really simply businesses like FTX that are engaging in fictitious numerical manipulation in code. All the other cryptocurrencies, NFTs, and DeFis are just as foolish as Ethereum, Cardano, Hex, Solana, Chainlink, and all the rest.

Aside from Bitcoin, everything else is the same. Only Bitcoin doesn't have "leadership" and a snake's head to cut off pressure, which I mean as a good feature. Bitcoin is the only currency with a flawless design. Bitcoin alone emerged naturally and purely as a result of market forces. Bitcoin alone has been stabilized. Bitcoin alone has a limited supply. Bitcoin is the only currency that counts.

The same Bitcoin maximalists who warned you about the aforementioned also warned you about shitcoins. One day, they will all either burst, collapse, or fade out of existence.

Now the only issue is how much of a warning you need to take seriously.

THE SIGNS WERE THERE, NOT ONLY THE WARNINGS

Nothing about FTX added up. On a boat in Miami for Bitcoin 2021, I had the pleasure of meeting its creator, Sam Bankman-Friend, or SBF. We went on a small sailing excursion with about fifty or sixty other folks.

For all I knew, he was just some guy with a potbelly and awful hair. After some uncomfortable small talk, I left him to his hors d'oeuvres in the corner while I went to chat with the waiters.

I was asked by one of the passengers if I wanted to know more about the firm he operated, and when he said it was called "FTX," I said, "What the heck is that?" Another another worthless cryptocurrency?" No, he said, it's one of the world's fastest-growing exchanges.

My curiosity peaked, so I asked SBF a few questions, and he told me that he had previously managed a crypto hedge fund, had great success with it, and invested the proceeds in the creation of an exchange.

My first thought was, "Goddammit, these shitcoiners are actually generating money by fueling gambling addictions, and here I am trying to help people stack Sats properly by operating a Bitcoin-only service in Australia called Amber." "What a clown planet...."

After that, I forgot everything about him until I read his tweets about "Home Cooking With Beyond Meat." The weak body and the shitcoinery made immediate sense to me.

Some of you may be offended by the suggestion that one's appearance is mostly dictated by one's conduct, but the truth is that your actions reflect the values you have.

While it's true that there are certain things you're stuck with forever, you can shape the rest of your life to suit your priorities, which is why Bitcoin has such a beautiful design.

Suffice it to say that unattractive facial features should have sounded an alarm. If you sell fake meat, you'll have to deal with fake customers (and a whole lot more fakeness in between, which I won't get into since it could set off some people's triggers).

WHAT’S ON THE HORIZON?

Can you predict the topic of the next "I told you so" article?

It's likely that Ponzi-style craptocurrencies whose raison d'être is "pumpamentals" will fail, or that Ethereum will unite with governments that want to issue central bank digital currencies to form "panopticoin" (CBDCs).

There is no sign of NFTs surviving. DeFi is currently in DeepShit, but perhaps that round can be restarted.

No matter what it is, all of the morons who blindly follow these kinds of individuals are in for a horrible experience.

Sayings like "You couldn't make up such lyrical irony if you tried" are just too perfect to be made up.

• CeFi did not work (while being sponsored by Nexo).

• Some individuals take the nice stuff we make and put it to ill use.

• "Could there be an issue at the societal level?"

Hosts like these, along with the people responsible for FTX's debacle, have a startling lack of understanding of human nature, somewhat unlike that of Marxists. They believe that the world can be saved if only people "create awesome stuff" and that one day the social layer can be repaired by transforming society into a transhuman smart contract.

They fail to recognize that restraints are not only beneficial but also necessary.And this is especially true when it comes to the language of worth (i.e., money). For questions 2 and 3, that's the correct response.

What people consider to be Bitcoin's shortcomings are, in fact, its greatest strengths. The reason SBF, Vitalik Buterin, Roger Ver, Richard Heart, and the rest of the charlatans have no effect on Bitcoin is that it is better.

Such young children, lacking in both maturity and psychological insight, have historically been given no voice. Not surprisingly, in the world of clowns, their opinions matter.

One can only speculate as to what they will do if Ethereum fails and their idol, Vitalik, becomes the next SBF. To be honest, I don't believe they're prepared for it.

THE SILVER LINING

So, what does this imply, exactly? So, now what do we do with all this information?

In any case, I suppose there's always a bright side to things.

After the failures of Luna and Three Arrows Capital, some are saying that this FTX fiasco has "put the industry back by years."

I agree, but only to the extent that the short-term value of bitcoin may be impacted. Aside from that, I have to strongly disagree.

This whole process has, if anything, grounded the so-called "business" in reality and exposed it for what it truly was on the inside: a gigantic hot air balloon.

Even though the Bitcoin sector has been inflated by the hype around cryptocurrency, it is getting closer to where it should have been at this time. Capital allocation toward Bitcoin will likely return to normal, while many silly concepts, such as NFTs and "tokens on Lightning," will likely evaporate.

Real capital will likely seek out genuine innovation and business concepts in and around Bitcoin, causing much of the phantom riches in all the mind-numbingly idiotic shitcoinery so prevalent these past few years to dissipate.

Eventually, Bitcoin will be stored in the offline wallets of Bitcoin enthusiasts and long-term HODLers, away from the control of institutions, crypto businesses, venture capitalists, shitcoiners, and weak hands. Growth will enter its next phase when a new price floor is established.

This has a positive net effect. The whole lot.

In this regard, SBF, Do Kwon, and Su Zhu are the unsought heroes we deserve as a species. Since we live in a clown society, it would make sense for our saviors to also have a clown complex, increasing the likelihood that they will wipe themselves off along with their stupid fiat industry.

Have a look at the list of investments made by FTX Ventures. It gives me a degree of satisfaction I haven't felt since Bitcoin surpassed its previous all-time high in 2021.

Why the FTX collapse may have been the best thing that could have happened to bitcoin in 2022, igniting the next bull market.

Source

A tiny number of freshly minted Bitcoin maximalists will have been created, a big number of the recent minimalists will have had their viewpoints confirmed, and the veterans will have spent the next few weeks on Twitter Spaces in astonishment, asking "how this could've happened." So we'll just relax and keep telling you that.

to varying degrees of eloquence and vibrancy, depending on the individual. And we can expect to be ignored again the next time and be fine with it.At least we may enjoy some free amusement.

Conclusion

The suffering experienced today is genuine. How horrible it must be to feel like a fraud! Know, though, that all of your negative emotions—guilt, wrath, melancholy, and rage—have the same origin. The whole foundation of "crypto" is a falsehood, which allowed Bankman-Fried to get away with his deception for so long: what claims to be a revolution is in fact merely the fiat system par excellence. Because all participants in Satoshi Nakamoto's network share the same information, double counting is thus impossible. And although crypto may go, it is still here.

FAQ

Where does FTX stand now? Sam Bankman-Fried, the disgraced firm's founder and former CEO, resigned from his position earlier this month after the company filed for Chapter 11 bankruptcy. The once staggeringly valuable FTX fell in a couple of days when the CEO of Binance, a competitor exchange, said that Binance would sell its FTT coins.

What is the procedure for selling bitcoins on FTX? Does bitcoin serve any useful purpose? Bitcoin is a digital currency designed for online money transfers. The goal of the digital currency was to establish an alternative payment system that could function independently of a governing body while otherwise functioning identically to conventional currencies.

Why do we need bitcoin? FTX.US asserts that its platform is secure due to the implementation of customary industry safeguards for such data as client assets. Separate withdrawal passwords are one example of the extra security measures that might be used.

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