This content originally appeared on HackerNoon and was authored by Sylvain Saurel
\ The price of Bitcoin in weak money is plummeting!
\ As I write this, the price of Bitcoin continues to fall and now stands below $60K. It could fall even further in the hours and days ahead.
\ First question: where are the Bitcoin influencers who were saying that capitulation was here and that the price of Bitcoin would pass $70K again?
\ We don't hear them anymore…
\ And yet, their prediction isn't that old, dating back to just a few days ago.
\ But in the end, it doesn't matter whether the Bitcoin price is $65K or $50K at any given moment. The price of Bitcoin in weak money doesn't matter if you understand the why of Bitcoin and the objectives of the Bitcoin revolution. If you're currently panicking and wondering what to do with your Bitcoin, it's because you still haven't understood the why of Bitcoin.
\ Whatever the price of Bitcoin in weak money, the bottom line remains the same: 1 BTC = 1 BTC. As long as this is verified - and it is - you've got nothing to worry about!
\ Of course, to do this, you need to stop following those Bitcoin influencers who were at the Bitcoin Conference in Nashville en masse. Bitcoin influencers who proclaim their love of Bitcoin all the time but who choose not to use it when they go to the Bitcoin Conference:
\
This table measures the use of Bitcoin at the main Bitcoin conferences in recent months. The first thing you see is that the Bitcoin Conference was the conference with the highest number of attendees: 20,000.
\ With so many attendees, you might think that the number of Bitcoin transactions carried out at the conference must have exploded… Not at all in reality, as this number will have been just 767.
\ That's extremely low when considering that there were 8,750 Bitcoin transactions at the Bitcoin Atlantis conference, which was attended by just 3,000 people - six times less!
\ In terms of volume, it's the same thing. At the Bitcoin Conference, 0.51 BTC were exchanged, or 2,550 sats per participant … At the Bitcoin Atlantis conference, over 73K sats per participant were exchanged.
\ This confirms what I've been trying to explain for some time: the pseudo-Bitcoiners who attended the Bitcoin Conference are not interested in the Bitcoin revolution but only in the fiat money they can get from Bitcoin. The more they can get, the better in their eyes, even if it means letting the Bitcoin revolution be stolen from us by the US government and BlackRock!
\ So, in the world of Bitcoin conferences, you have two categories:
\
- The first concerns conferences where the speakers are politicians, financiers, famous actors, … who don't understand Bitcoin and are willing to do anything to squeeze as much fiat money out of the event as possible. The organizers want you to believe that Bitcoin is just a store of value and that Bitcoin as a means of payment and as a medium of exchange is a distraction. My advice: GET OUT OF THESE CONFERENCES.
- The second concerns conferences where the speakers are developers, people working on the Lightning Network to promote the use of Bitcoin as a means of payment, people who understand the why of Bitcoin in seeking to advance the Bitcoin revolution, people who don't care about the price of Bitcoin in weak money, … These people have studied the Bitcoin protocol in depth and have fully understood that Bitcoin must continue to evolve to achieve the long-term goals of the Bitcoin revolution. My advice: target these conferences if you want to attend a Bitcoin conference.
\ We can also make a geographical comparison. We can see that it's definitely in America that the deeper meaning of the Bitcoin revolution is being distorted. It's all about financialization and speculation. All these people still haven't understood that Bitcoin needs to move to a new paradigm: Spend and Replace your Bitcoin.
\ The aim is to encourage the construction of a circular economy centered on the Bitcoin system and to reinforce an alternative system to the current one, which is flawed and not fixable. The goal has never been and never will be to integrate Bitcoin as a simple store of value within the current system.
\ Let's not let the U.S. government use fiat currency debt to buy the majority of Bitcoin in circulation to pay off the $35T of debt accumulated over the years and bad policies.
\ Yet this is an idea now being pursued by Donald Trump himself:
\
“Maybe we'll pay off our $35,000 billion debt by giving them a little crypto check, giving them some Bitcoin.”
\ Here we see that Donald Trump still confuses crypto with Bitcoin. No wonder, as he's only interested in Bitcoin to try and glean extra votes for the 2024 US presidential election.
\ The pseudo-Bitcoiners who were in Nashville immediately loved this idea of Donald Trump's.
\ However, if you think about it, you'll quickly realize that this would be a total misuse of Bitcoin and a clear theft from the American people.
With what money is Donald Trump going to buy all this Bitcoin? With American budget surpluses? Of course not, because there isn't any!
\ So Donald Trump is going to use money printing - that is, creating inflation by robbing more and more of the American people - to buy Bitcoin. He will bet that the price of Bitcoin in weak money will rise before selling all this Bitcoin to pay off all or part of the $35T of American public debt, causing the price of Bitcoin in weak money to collapse completely.
\ In short, Donald Trump is going to rob the people and weaken the Bitcoin revolution, all the while engaging in unbridled financial speculation.
\ The project mentioned by Donald Trump is the very reason why Satoshi Nakamoto invented Bitcoin: to protect the people from a fiat-flawed and not fixable system that enslaves the people. You can't be satisfied with such statements if you understand the reason for Bitcoin.
\ Of course, when you speak out against these far-fetched ideas and the pseudo-Bitcoiners who now reign within the Bitcoin sphere on X, you're attacked as being against Bitcoin…
\ However, to say that Bitcoin's standard privacy leaves something to be desired is the truth. Efforts are being made, but ordinary people don't use the solutions available because they are considered too complex. What Bitcoin needs to do is continue to evolve in this area and get closer to Monero, which offers no choice in terms of privacy. Privacy is part of Monero's standard packaging.
\ If you say that, you'll be told that you're defending Sh*tcoins… Sorry, but Monero isn't a Sh*tcoin, as I've been saying for a long time. It's an essential companion to Bitcoin for the future.
\ The fact that governments all over the world want to ban Monero from all centralized exchanges while allowing Bitcoin to progress, should alert you. Why do these governments love Bitcoin so much? Unfortunately, the answer is that they feel they can trace everything on the Bitcoin blockchain and, therefore, control you.
\ Keeping Monero in the corner of your head could be useful for the future if the dark path the Bitcoin revolution seems to be taking is confirmed.
\ Nothing is lost, though, but there is a dark scenario in which we will continue to see massive adoption of Bitcoin by governments and financial institutions around the world. This is part of BlackRock's secret plan to take total control, as I've already explained. A majority of BTC units would be blocked by Coinbase or large banks. Early adopters and those currently holding Bitcoin would become immensely wealthy. Bitcoin would be placed alongside the US dollar and other fiat currencies as a boring balance sheet item. The fiat currency would remain king despite the flaws in the current system. Human freedom would not progress, even though this was the ultimate ambition of the Bitcoin revolution. A DISASTER FOR HUMANITY.
\ So, you need to understand that while the famous NgU is important, it's not the priority with the Bitcoin revolution.
\ The battle of the coming months and years in Bitcoin is therefore clear: it will be the battle of Bitcoin as a simple store of value (SoV) versus Bitcoin as a means of payment (MoP) and means of exchange (MoE) so that the Bitcoin system can be a real alternative to the flawed and not fixable dollar system.
\ In short, it's going to be a battle between the Bitcoiners and the Shitcoiners (yes, the ones who were in Nashville). The latter doesn't even use satoshis to trade at Bitcoin conferences. They're satisfied with this over-financialization of Bitcoin and line their pockets with pseudo-tech buzzwords (currently “layer 2”) to hype and pump their bags.
\ In this context, I wonder what you think of Michael J. Saylor, who has now reached 226,500 BTC with MicroStrategy and has announced that he is raising a further $2 billion to buy ever more BTC while calling on the US government to buy the majority of Bitcoin in circulation. What is his project with Bitcoin, apart from accumulating as much as possible without ever seeking to spend it, to reinforce the Bitcoin circular economy that we need to build so that Bitcoin offers an alternative to the fiat system to as many people as possible?
\ What are your thoughts on this? I look forward to hearing from you.
This content originally appeared on HackerNoon and was authored by Sylvain Saurel
Sylvain Saurel | Sciencx (2024-08-12T16:53:53+00:00) Bitcoin’s Clash for Years to Come: Beyond Weak Money and Influencer Hype. Retrieved from https://www.scien.cx/2024/08/12/bitcoins-clash-for-years-to-come-beyond-weak-money-and-influencer-hype/
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