The ‘why’ of Bitcoin is back in the news
Bitcoin’s history and origination is an important factor for more than just true believers and maximalists. Created in the aftermath of the 2008 financial crisis, and with evidence that it was intended, by its founder, known only as Satoshi Nakamoto, as remedy for the failed system that had nearly collapsed the world economic system at that time.
In a recent CoinDesk post, Nathan Thompson wrote: Bitcoin’s genesis block is historic, not just because it contained the first 50 bitcoins, but because it had a message coded in the hash code: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
The bank bailouts and various financial system failures were integral, then, in the creation and purpose of bitcoin, and one could even say, coins and systems that followed, starting with Ethereum in 2015.
After a few weeks of tweets revolving around the Twitter buyout brouhaha, Elon Musk, in a reply, added, in a more introspective tone than has been seen of late, some of his thoughts on the subject;
— Elon Musk (@elonmusk) May 14, 2022The axiomatic error was that housing prices only go up. I don’t support predatory lending, but many of those lenders were severely wounded or didn’t survive.
They dug their own graves – a lesson we should all take to heart, including me.
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Interesting timing and a nice shift from the obsession with prices
The recent “crash” and panicked voices over the drop of the bitcoin price below $30k is the unspoken background addressed in this exchange, it appears.
Decrying the erroneous belief that “prices only go up” held by the public at large during the doomed run up to the 2008-2009 crisis could be seen as a hint that, perhaps, prices of assets like Bitcoin, and Tesla shares, for that matter, can not “only go up” and anyone who seeks such a preposterous nirvana is digging their own graves, having failed to learn from all the times in history that fools took the path of peak greed and self-delusion.
Worse, and worth being singled out specifically, are those that profited from the delusion of others in “predatory lending” practices, which Elon Musk “doesn’t support”.
Ultimately for this tweet thread, it was Elon Musk’s Twitter buddy @BillyM2k that nailed it with a series of tweets explicitly spelling out the divergence between the founders and believers in the original, positive, intent of bitcoin and the massive bubble of speculators and scammers that has, in his view unfortunately, grown up around it.
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Pointing out that DogeCoin, as an example, was created to highlight the stupidity of speculation and excess greed that came with the avalanche of meme-coins and “sh*tcoins” etc, that flooded the market and, to a great degree, obscured the original, positive force that bitcoin and decentralized finance was invented to be.
— Shibetoshi Nakamoto (@BillyM2k) May 14, 2022now, i personally don’t think cryptocurrency will fix all the problems that it originally set out to.
the reason is i have watched the space evolve to become everything it wasn’t supposed to be.
because regardless of what satoshi wanted, that’s what people want.
Maybe, some of the various challenges and stumbles that Elon Musk is experiencing lately, seemingly for the first time, after a string of incredible triumphs, culminating with the Person of the Year designation and the buyout launch that is now in limbo, will inspire him to be more reflective and use his powerful position as a “Twitter-sage” to draw more attention to the need for a voice of “reason”, rather than as a cheerleader for the bonfires of vanity and speculation.
— Shibetoshi Nakamoto (@BillyM2k) May 14, 2022but, i would like it more if people at least respected the original intent of cryptocurrency – to be a currency that is not controlled by any single entity, that is immune to attacks, and that is decentralized.
and recognize when things are straying away. and not support that.
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