Bitcoin suicide: ask investors to create an artificial run on crypto exchanges-an uncontrolled stress test in a new & fragile market. Exchanges create needed on-ramps for non-techs & reg certainty. @ToneVays @LeahWald @coinbase @krakenfx @saifedean @NickSzabo4 @CaitlinLong_https://twitter.com/ToneVays/status/1074695740826497024 …
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Replying to @lyrichues @LeahWald and
If you're right, I would love to pick up a shit ton of
#Bitcoin in the Bloodbath of incompetence6 replies 1 retweet 39 likes -
You have an iron stomach for trading and a long term view. But this will spook institutional and retail investors, big time. Community should rethink this stunt.
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Replying to @lyrichues @LeahWald and
I hope so, my biggest fear is everyone getting comfortable with a giant amount if
#Bitcoin held in regulated entities at risk of US Govn't confiscation with a phone call like with#Gold in 1933.3 replies 1 retweet 36 likes -
I totally understand that but is that the biggest threat to crypto assets right now? I think it is probably adoption and education.
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Replying to @lyrichues @ToneVays and
Adoption and education are inevitable. Anti-fragility is not, it must evolve in a hostile env. Also, I think this stunt is more likely to bring needed awareness to the need to control ones own keys than to damage major exchanges. Unless I'm wrong, then see my first point.
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Replying to @jimyoung2817 @ToneVays and
Nothing is inevitable with crypto. This will just confuse people who don't think they're technically capable or physically secure holding their own keys. Exchanges are a bridge for them. Blow them up, or threaten to, and they will go away. Default behavior matters.
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Replying to @lyrichues @jimyoung2817 and
Indeed t does matter. A default that trusts a third party deprives users of most of the main benefits of a cryptocurrency & gives risky influence to centralizers who do not or care not to appreciate these benefits, but want a PayPal controlled by themselves instead of by PayPal.
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Replying to @NickSzabo4 @jimyoung2817 and
I understand the distrust of a third party post Mt Gox. But if wider adoption is also a goal, exchanges are a useful bridge until we live in the world we want, not the one we inhabit now. Create alternatives for non-techies before you burn down the on-ramps they know how to use.
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If you don't need trust minimization, then you very likely have no need for using a cryptocurrency. SWIFT and PayPal will work just fine. Pushing crypto on people who don't need it is like selling an airplane to somebody who just wants to commute 10 miles to work.
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Replying to @NickSzabo4 @jimyoung2817 and
I think that the democratization of crypto is what will give it longevity. At the beginning of flight, only rich people took airplanes. As more people experienced it they realized its utility. Same for crypto assets, Adoption is a process. Let a 1000 flowers bloom.
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