Crypto enthusiasts are upset by Gary Gensler's reassertion that he sees Bitcoin as a commodity and everything else as an unregistered security. They fear SEC regulation but fail to realize that if their favorite crypto projects were truly decentralized, regulators wouldn't be able to do shit about them.
Sure, they could shut down the on/off ramps, make tax laws unfavorable, hell...even make ownership illegal for everything (bitcoin included). But you know what they can't do to Bitcoin that they can do to crypto? Go straight to the creators, the foundations, or the companies who are responsible for creating and maintaining it. They can't reverse the network effect that Bitcoin has already established or convince the die hard bitcoiners to stop believing in it. If anything, any attempted regulation of Bitcoin would only add fuel to the fire and embolden bitcoiners to fight back that much harder.
Bitcoin is literally built for this fight and its users are aware of what's at stake, our monetary freedom. We're willing to go down with the ship but we also know our ship ain't going down. Crypto, on the other hand, isn't built for this fight...it's weak centralized garbage and its days are numbered.
w_s_bitcoin / Wicked
npub14u…8ez89
2023-02-27 21:46:02
Author Public Key
npub14uhkst639zvc2trx2nlsvk4yqkjp690zk89keytnzgmq2az0qmnq58ez89Published at
2023-02-27 21:46:02Event JSON
{
"id": "d180c8f69ae939144262392422159ef719ef829a5c1e2dc0ef5617f49d3072d0",
"pubkey": "af2f682f512899852c6654ff065aa405a41d15e2b1cb6c9173123605744f06e6",
"created_at": 1677534362,
"kind": 1,
"tags": [],
"content": "Crypto enthusiasts are upset by Gary Gensler's reassertion that he sees Bitcoin as a commodity and everything else as an unregistered security. They fear SEC regulation but fail to realize that if their favorite crypto projects were truly decentralized, regulators wouldn't be able to do shit about them.\n\nSure, they could shut down the on/off ramps, make tax laws unfavorable, hell...even make ownership illegal for everything (bitcoin included). But you know what they can't do to Bitcoin that they can do to crypto? Go straight to the creators, the foundations, or the companies who are responsible for creating and maintaining it. They can't reverse the network effect that Bitcoin has already established or convince the die hard bitcoiners to stop believing in it. If anything, any attempted regulation of Bitcoin would only add fuel to the fire and embolden bitcoiners to fight back that much harder.\n\nBitcoin is literally built for this fight and its users are aware of what's at stake, our monetary freedom. We're willing to go down with the ship but we also know our ship ain't going down. Crypto, on the other hand, isn't built for this fight...it's weak centralized garbage and its days are numbered.",
"sig": "8b6a7fdb8157e8400a593863bbeec492e5e91cf802e73447a7a164a5369fe177c7da3c78e53d84c013b41b956dce4755a38a14817be955189dc76aa2edcda011"
}