Sam Bankman-Fried started making a fortune trading Bitcoin. Here’s why Bitcoiners didn’t trust him.
So, who’s right? Do the maxis know something the others don’t? Are they just ignoring the warning signs as they hold on for dear life?
Interestingly, the Bitcoin cheerleading has less to do with the currency’s prospects than with a schism between competing ideologies on just what cryptocurrency should be. The well-known Bitcoin evangelist Michael Saylor recently characterized this conflict as a “” between his side and a bunch of unethical snake-coin peddlers: As opposed to Bitcoiners, “Sam and most of the people in the crypto world were always guilty of the sin of shitcoinery.
The roots of Bitcoin’s beef with “crypto” can be traced all the way back to Bitcoin’s much-storied 2008 founding: the release of , which specifically proposed a peer-to-peer currency-trading system that did away with middlemen like banks and payment services, used a limited-supply coinbacked by the government, and operated using blockchain-based currency that depended on mutual trust and faith. Nothing more, nothing less.For a long time, this vision of Bitcoin dominated the cryptoverse, even as other enthusiasts began to brainstorm different use cases for the BTC concept.
In essence the view was: Bitcoin is its own thing, a democratically run treasure unimpeded by governments and the other travails that wrack global finance, while “crypto” was co-opting what Bitcoin had innovated in order to furtheritself into the real world. And even though Bitcoin had its problems, so did crypto.
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