Thread by @ZLOK

So, I unfortunately had to stop using @Relai_ch. Fact is, I can't trust them anymore. Here is why.

Note: this is NOT about Relai specifically, I am simply using their example as an illustration of why focus matters in Bitcoin business.

Thread 👇

1/ Background: When Relai were teasing their new service still in beta, they made a little promo video using the hashtag #crypto and the phrase "crypto investing", while still presenting themselves as bitcoiners, promoting dollar cost averaging (DCA) to an audience of bitcoiners.

2/ This generated a little bit of negative reaction from several people, who approached the issue nicely and openly, assuming good intentions from Relai's part. Their founder replied that it was marketing for the masses, but they were "Bitcoin only at the beginning"...

3/ Then he also explicitly said they WILL move toward other assets in the future, but specifically stated "no #shitcoins".

No one is expected to be perfect. Assuming good intentions and proper understanding of what Bitcoin is about, people left it alone and everyone was cool.

4/ After all, DCA makes sense for Bitcoin, and doesn't make much sense for shitcoins & tokens or even ETH, & definitely no sense at all for stablecoins (eg USDT, Libra).

The understanding was they need to run a successful business, & stablecoins can be useful for DCA buying BTC.

5/ The hope was that they already understand or soon realise that altcoins and Bitcoin are not in the same category, are not interchangeable, and serve very different purposes. Kind of like your car dealer doesn't sell groceries and your local fruit shop doesn't sell cars.

6/ Some people (maybe the majority?) speculate with Bitcoin and trade it. But this is not what DCA investors/savers are looking for. For that, there are plenty of crypto exchanges, brokers etc.

Also, advertising "minimal KYC" sends a strong message about this particular market.

7/ Fast forward 3 days ago. In the meantime the service was successfully launched and happily promoted by several bitcoiners. Relai then announces the onboarding of @CryptoPhD as an advisor.

And the SHTF.

What is the problem? For starters, she is a vocal shitcoiner.

8/ Of course, astute bitcoiners pointed this strange inconsistency. In the discussion following the original "crypto investing" tweet from Relai, she responded that Bitcoin's "proof of work" (PoW) model would be dead within 5 years, and that Lightning Network was nonsense. Ouch!

9/ Instead, she advocated gold-backed, fiat-pegged, and private coins had a future!

To each their own. No one asked her to not think whatever she wants to think.

However, as an ADVISOR for a "BTC-only, no shitcoins, investing/saving" business, it didn't sound great.

10/ Relai then reiterated (unapologetically) that their app is about "BTC saving/investing", and that an advisor would not change their direction.

This is where the record suddenly screeched to a halt... *insert sound effects*

Because, unfortunately, this is not how it works.

11/ An advisor WILL have an influence on the activities and long term direction of the company it is advising. This is actually the very definition of advising.

Some might even speculate she had an influence from the start, as we saw from the "crypto investing" tweet incident.

12/ So, "what is the problem anyway?" you ask.

The main issue here is the lack of focus, for a business that is already quite complex & difficult even WITH a lot of focus.

Bitcoin deals with people's savings, it is a big deal. It also deals with people's freedom & sovereignty.

13/ In the Bitcoin world, people are expecting the highest standards and are often calling each other out for the smallest mistake. Recently, we saw bugs in major software and hardware wallets, from people with extremely high knowledge and know-how. Tiny details matter a lot!

14/ Keep in mind #BTC is fundamentally about (among others) censorship-resistance, the kind you need when fighting ruthless dictatorships for instance. This is how it was built from the very beginning, how it came to exist.

THIS is precisely where its monetary value comes from.

15/ Now, with this in mind, think carefully about the example she asked in the tweet below.

A better analogy would be a gold dealer who also sells pyrite (also known as "fool's gold"), and claims they're more or less equivalent.

Oh and they sell sandwiches too...

16/ The question is: would you trust them to have the expertise and diligence to check that the gold they sell you is real? I'm not even talking about malice here, merely incompetence.

Would you trust them with your savings, as you need to escape an oppressive government?

17/ Would you trust them as you need to protect your salary and savings from hyperinflation?

Would you trust their judgement and focus more or less if they told you their adviser claims gold is "dead in 5 years" but magic beans are the future?

18/ The deeper issue here is about proper understanding of choices and their consequences.

There will come a time when they will be facing a crossroads that will require them to choose between "better for BTC" vs "compatible with more altcoin revenue". Guess what they'll choose?

19/ Again, not implying malicious intent. For instance, look at recent #TwitterHack: Huge publicly traded companies with tons of experience & properly trained staff are not immune from mistakes. Can you even imagine if Twitter was not laser-focused on their core business?

20/ Focus and expertise are crucial, and even then it's not always enough. The answer: to prepare for the unexpected, constantly improving knowledge of one's business, instead of getting distracted by shiny objects, which ultimately create even more potential vulnerabilities.

21/ Bottom line, online business is about security. This security relies on expertise & deep knowledge of the tech. Which comes from focus & mastering of the fundamentals.

Unfortunately, shilling shitcoins implies an obvious lack of all the above, in regards to Bitcoin.

–Fin

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