TOP CRYPTO TWEETS: No, Bitcoin Does Not Solve This

Bitcoin

TL;DR: CoinSpice scours the Twittersphere to shine light upon the top crypto tweets of the week. There’s a sweet spot, a Goldilocks mean, between pure Bitcoin cringe, macabre exploiting of human suffering, and offering up crypto as a helpful tool. US cryptocurrency exchange Kraken CEO Jesse Powell and Etherum co-founder Vitalik Buterin step out of religious-like cultism, offering too-often unheard takes on crypto and catastrophe in the wake of George Floyd and coronavirus. 

#9 Bitcoin Does Not Solve This

“I will come out and say this directly,” Vitalik Buterin concluded in a long, contrarian thread, “this mentality below is *exactly* what we should be expanding beyond right now. REFORMING MONEY IS NOT SUFFICIENT.” Buterin was prompted by the general consensus among Bitcoiners as expressed by popular exchange Binance CEO, Changpeng Zhao (CZ), who pithily tweeted, “#Bitcoin is the peaceful protest.”

CZ’s sentiment was seconded in-depth by Kraken exchange CEO Jesse Powell during a recent personal video blog (vlog). Though at times philosophically schizophrenic, teetering between more government programs and services while maintaining a severe distrust of government power, Powell gives us a look into his upbringing, views on violence, the importance of proportionality in defense, and even voting. He believes, according to passing parts of the vlog, Bitcoin can be a tool toward lessening the link between wasteful government spending and harmful, unaccountable blunt government instruments.

Buterin’s take is slightly more interesting in a strictly crypto sense if only because it runs so counter to the dominant narrative. “Bitcoin was born out of a crisis that was fundamentally financial in nature,” he explained. “Either the banks misbehaved, or the government over/under/misregulated the financial sector, or they bailed out too many banks, or they printed too many dollars.” He relegates Bitcoin to a strictly financial tool, and warns 2020 is “*not* a financial crisis. It’s a virus crisis, it’s a crisis of epistemology (how we learn what’s true and what’s false in the face of competing groups misleading us), it’s a crisis of overbearing policing in many places, and much more.”

He does acknowledge what both CZ and Powell know, that central banks are flooding the world with fiat, but insists “that’s a relatively small portion of what is going on, and even there inflation is still going *down* not up,” which is downright heresy to some of us. “And cryptocurrencies ended up being very much correlated to wider economic trends. Doesn’t mean they don’t protect from other things (eg. political barriers/interference), but it *does* mean that narratives need to adjust,” Buterin stressed. “Conclusion: finance is relatively less important this decade than it was in the last decade, and the crypto space needs to adjust to this reality,” soberly pointing out how “the success of stablecoins has shown that what people want is NOT to get away from the USD right this minute, but to move into the crypto *environment* where they have more options of what to do with their money. Freedom of exit.”

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#3 Lockdown Shopping

#2 The Fix

#1 We Would Like to Apologize /s

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