Connect with us

Opinion

The Trump Pump: A Road To Capture and Failure

Published

on


Well the “Trump Pump” seems to be ripping off spectacularly. Everyone is cheering, euphoric, happy, feeling on top of the world. Knock it off. Yes, the number is going up, everyone’s net worth (on paper) is increasing by the hour, but this is not a matter of celebration.

This is Bitcoin entering the gauntlet. These institutions, this administration, these high net worth individuals, they are not your friends. They are not here for the same reasons as people trying to build a monetary network centered around sovereignty and freedom. They are just here to make a buck, and to maintain this disordinate level of influence and control over the world around them.

These people don’t give a shit about self custody being scalable, or privacy being accessible, or Bitcoin doing anything to bring these tools of freedom to the masses. They care about Number Go Up, that is all. If this run really does turn into what it looks like it could, this presents an existential crisis for Bitcoin. All of these people are buying their seats at the table, and those seats come with much more influence than the aggregate of the average person who has been working hard to accumulate bitcoin the last few years.

Bitcoin consensus is dictated by the economic actors actually using it. If Bitcoin becomes a simple financialized asset dominated by the legacy institutions and actors that it was built to free us from, then proportionally to their level of use they decide consensus. The only choice left to us is to convince them, or deviate by forking off on a much less valuable (and therefore less useful) network.

These people dominating the network this early, before the necessary work is done to make this a viable and scalable network, is sprinting down the road towards ossification. Of people being stuck with no viable option except being wealthy already, or picking their choice of trusted third party to interact with the protocol and network. And none of these people will care.

Why would they support protocol upgrades that improve the scalability or privacy of Bitcoin? They make their living, all they know how to do is insert themselves as middlemen between the average person and the asset they want to interact with, making money by rent seeking as that intermediary. What incentive would they have to unseat themselves from that lucrative position?

Bitcoiners should not get complacent simply because existing holders are watching their net worth increase during this bull market. There is a lot more to do, otherwise Bitcoin will not live up to a fraction of its potential as a tool to spread real freedom.

So what do you value more? Getting rich or helping spread a tool to liberate people who are currently subject to the whims of tyrants and rent seekers?

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. 



Source link

Breez

More Nodeless Non-custodial Bitcoin Lightning Wallets, Por Favor

Published

on


Follow Frank on X.

On Tuesday, Breez announced its latest partner, Yopaki, a Mexican neobank. Yopaki has integrated with Breez’s free and open-source SDK, which enables its users to have a non-custodial Lightning wallet without having to run their own Lightning node. (More on how this works here.)

Before continuing, I have to say that I get a little bit jealous whenever Breez makes such announcements, because they make me wish that Breez could partner with neobanks or Bitcoin apps accessible to residents in New York State, like myself.

The thing is though, we can’t have nice Lightning things here in the Empire State because regulation in New York — a state that seems to almost pride itself on its soul-crushing levels of red tape and bureaucracy — prohibits companies from offering Lightning services.

But anyway, where was I?

In the Bitcoin space, we frequently hear about the challenges Bitcoin faces in scaling and how Lightning isn’t a sufficient solution. Oddly enough, though, we never hear this complaint from Roy Sheinfeld, co-founder and CEO of Breez, because he’s too busy building things that prove the Lightning naysayers wrong.

Sheinfeld and the team at Breez, who are on a mission to bring Lightning to every app, have been on a hot streak when it comes to helping Lightning users around the world gain access to non-custodial Lightning services. Earlier this year, they announced partnerships with Volt in Nigeria and Diamond Hands in Japan.

Sometimes, when I’m alone, I look up at the sky and say to myself, “Why, God, why do Nigerians, the Japanese and Mexicans get access to such sweet monetary tech while my once great state — home to a city that refers to itself as the ‘financial capital of the world,’ but ironically doesn’t allow its residents to use cutting edge Lightning services — fades into obscurity?”

While I never get an answer, I do take comfort in the fact that the likes of Sheinfeld and the team at Breez are out there ensuring that nodeless non-custodial Lightning wallets are proliferating, enabling people to more easily use bitcoin as it was intended to be used — peer-to-peer.

I look forward to seeing Breez partner with even more apps and neobanks in 2025.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.





Source link

Continue Reading

Culture

I Bought Bitcoin Today – And Felt Nothing

Published

on


I looked at my wallet and saw a sad six digits. 

It used to be seven, or such was the case after I rolled over the balance of my monthly expenses, dollar cost averaging into Bitcoin and then sending it to my Casa cold storage.

Follow Rizzo on X.

https://x.com/pete_rizzo_/

Usually, buying Bitcoin is a joyful process. I’d have the satisfaction of picking up at least a bitcent

As someone who had that chance to buy Bitcoin at $50 (but thought better of it, LOL) it’s been a bitter time over the years, dutifully stacking away in an attempt to undo my mistake.

There’ve been milestones, leaps of progress, as even numbers were chipped away. I have to say, though, this purchase was particularly deflating.

Yes, with the price soaring over $88,000, I knew I was buying the top, and I have every ounce of confidence that this purchase will be meaningful someday. 

I’m sure in 10 years someone will look back at this post and laugh, marveling about how you could buy 500,000 satoshis for $500. Hell, my purchase is already in the green.

This is the process of Bitcoin’s Great Monetization, a steady step on its progress from random digits on a computer that were worth nothing to the next global reserve currency. 

I get it, I’m, as you would say, “bought in.” I have every intention to keep buying Bitcoin. After all, it’s where I spend every waking moment of every work day.

What is this piece about? Call it an ode to malaise.

I’m sure people are out there furiously stacking, afraid the Bitcoin price will run past $100,000 without them having any. Same with institutions, same with nation states. Seriously.

What do they look at these bitcents and see? Are they buying happiness? Relief?

Bitcoin, you great mirror. With every buy, we take our place in the long arc of history.



Source link

Continue Reading

Crypto Wars

Will the Second Crypto President Be Like the First?

Published

on



This is the dawning of the Age of Crypto. Again.

Number 47. The Bitcoin President. The Crypto President. The Cryptocurrency President.

But not: The Cryptography President.

Back when the word “crypto” meant “cryptography”, the personal computer and the rise of the internet were new tools of expressing freedom and power. The industry driving it was brand-new. New capabilities. New challenges. New regulations. At the center of it all was “cryptography”: a magic power that had once been reserved for secret agent missions and dapper 007 Bonds (not the financial kind). Except that it had reached the point where it was turning up in public and corporate software. The unlikely duo of corporations and freedom-fighters were banding together to usher in a new era of public empowerment through the possibilities of encrypted software and internet use. After considering the political landscape, they found their candidate that they would support to become “The Crypto President” – democrat Bill Clinton. And then he did what early polls said he had no chance of doing. He won.

And that was when all hell broke loose. Clinton betrayed them.

But what else is new? What did those voters in 1991 expect? What do we expect now? What can anyone expect other than what they’re told? It doesn’t take much for a presidential candidate to attach their name to a cause and lasso in a new group of voters and funding. For example, the newly elected President of the United States, Donald Trump, walked up to a podium on May 5th, 2024 and swung his lasso with just five sentences. No policy framework. No convincing evidence. Just five sentences to tie his platform to the Crypto and Bitcoin communities.

Lesser known than this public moment is the one that happened away from prying eyes: a dinner at the home of tech entrepreneur David Sacks, co-hosted by Chamath Palihapitiya and featuring other powerful voices of Fintech & Crypto. Many of them democrats. Trump left that dinner with twelve million more dollars for his campaign. More valuable than that, he left with the anointing from a new industry looking for a political fighter to lead the way.

32 miles away and 32 years before, Bill Clinton found himself at Apple Chairman John Sculley’s house. They poached salmon alongside 135 other, heavily republican-leaning, silicon valley entrepreneurs. Clinton would leave this dinner with more funding and the backing of the burgeoning new industry. Sculley, in a message to his fellow silicon valley contemporaries would say “I am still a republican, but I am voting for Bill Clinton.” It’s at this gathering, that it was understood that Clinton was going to break the issue of encryption wide open for the industry. That the biggest restraint holding them back, arms regulations, would be removed. Clinton would go on to burnish a few other broad themes to show his support of the software and internet industries, but without any real details of the actual actions he would take to achieve these promises.

Promises about Bitcoin today are flowing from many of Trump’s “MAGAvengers” as they’ve been called. Cynthia Lummis, Robert Kennedy Jr., Vivek Ramaswamy, Howard Lutnick, Elon Musk, JD Vance, Tulsi Gabbard have all spoken on how they see Bitcoin fitting into the next administration. It’s hard for anyone watching to not be impressed by the amount of thought and uniformity of pro-Bitcoin stances that they have shared. Further, Trump has mentioned implementing a Bitcoin and Crypto advisory board to bring in even more educated voices into the government. Maybe if Trump drops the ball, we can still count on some of these other Trump affiliates to step up.

While Clinton didn’t have the MAGAvengers to back up his broad promises, his cabinet might still have been even more impressive than Trump’s. Did anyone in Trump’s group invent the internet? It’s a long-running joke about Clinton’s vice president, Al Gore. And while he most definitely did not invent the internet, by that point in time he already had years of piling up successes in legislation fighting for software and the internet’s future before it was politically popular to do so. John Podesta, after a full legal career fighting and lobbying against the very export controls that were suffocating encryption, was assigned as the head of Clinton’s transition team and then to the White House chief of staff. Podesta and Gore would bring with them a very intentional list of academics and eclectic tech experts. The length of hair and amount of sandals worn in political hallways was about to skyrocket off the charts. Cyberlibertarian John Perry Barlow would describe the incoming eccentrics as “Extremely smart, conscious freedom-lovers. Hell, a lot of them are Deadheads (fans of the Grateful Dead). I was sure that after they were fully moved in, they’d face down the National Security Agency and the FBI.”

The deck was stacked. The future for silicon valley had never been brighter. And in less than a year, the computer, internet and crypto industries would see the most draconian laws laid down in the history of computing. Bill Clinton’s cabinet faced the NSA and FBI. And the NSA and FBI won.

The greatest breach of crypto freedom from Clinton’s legacy came in the form of the clipper chip and its encryption package “Skipjack”. They nearly put a government backdoor into every electronic device in the US. On top of that, it was being spun as a win for the American people. It was technically providing them with stronger encryption than they were ever allowed before. So, in a way, Clinton was delivering on his pro-crypto platform that he had promised. But like a wish from a monkey’s paw, the reality of the president making good on his promise was a reality far worse than the one Americans were already stuck in. Fortunately, there was enough public outcry that met with difficulties of production and economic incentives to leave this Big Brother timeline dead in the water. There was more regulatory overreach, whether it was other backdoor initiatives, the creation of CALEA and its dominance of electronic surveillance, funny business between the FBI and the National Institute of Standards and Technology, presidential directives and executive orders targeting telecommunications and information systems, and further support of the export controls that were choking encryption in its cradle.

It wouldn’t be until the very end of Clinton’s first administration when he was running for another term that he finally caved and relaxed export control laws. And what do you know? The Phil Zimmermann and Daniel Bernstein trials had already just concluded and encryption was ruled by the courts to be protected by the First Amendment. Clinton’s move to finally relax export control laws around encryption could be seen as nothing more than a symbolic gesture following up on the power reversal that had already taken place behind his back.

The times we live in always feel unique and important. Trump’s return to presidency, the current blurring state of politics, and the rise of Bitcoin are all complex factors that will significantly impact our lives. But history is not without its rhymes. During Bill Clinton’s time in office there was a unique shift in party lines, complicated global politics with the fall of the USSR and Iraq’s invasion of Kuwait, and a new software and internet industry that was very young and exponentially expanding year-after-year. If our storylines continue to rhyme, then we may not need to worry about “whether Trump supports Bitcoin or not”. But rather “will Trump’s support of Bitcoin do more harm than good?”. Will “good for Bitcoin” be bad? Afterall, Bitcoin’s progress up to this point has largely been thanks to a large cast of programmers that got to build it outside of the scrutiny of regulation. And if the question of “more harm than good?” lands on the wrong side of the coin, do we have a Zimmermann/Bernstein card up our sleeve to check regulatory and legislative overreach?

It’s impossible to foretell. One thing we can be sure about knowing at this point is that the age of Bitcoin building in the shadows has just ended.

This is the dawning of the Age of Crypto, bitcoiner. Again. And if past is prologue, then “good for Bitcoin” could likely mean anything but.

This is a guest post by AIS. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon