Thread by @dkcrypto13

I have a few more thoughts on #crypto amendments, #tether truthers and skeptics. Might be a bit ranty, sorry 🤷🏻‍♂️

1) Infrastructure amendment

Is it just me or is every protocol “not available to US residents” writing to their non-US users to call “their US senators”? Fun.

Aside from that, let’s get real for a second:

The US wants to get their share of #crypto taxes. That is legit IMO. As that is the goal (and not killing the industry in the US), amendments like the one by @MarkWarner will not be what the final bill looks like.

It is so poorly drafted and with such ignorance of the workings of a #blockchain that enough experts will tell lawmakers it does not achieve what they want. It is especially comical that they exclude “proof of work” miners - ya know, the dirty carbon guys.

No one knows what will happen here and it is obviously important to drum up some noise so lawmakers see that they haven’t gotten it right yet, but the process is still quite long. Even IF (big IF) the filibuster is broken today and the amendments get votes, it is quite possible

that both of them get passed and even if it is the “uninformed” version that gets passed, the bill gets sent to the House who will have to clean up that mess sometime in September, by which lawmakers should have understood that if you kill an industry you get no taxes and

If you make it so that only proof of work can survive in your country, you are getting only the dirtiest energy usage & moving innovation offshore. They want neither.

But even IF (huge if) they pass something objectively bad, there will still be time till 2023 to turn it around.

2) #tether truthers

Depending on the definition I am a part of that group. I find it absurd how some of you attack $USDC. If you just can’t believe that there is a lot of $ currently moving into #crypto and hate it, that s fine. If you choose to attack $USDC because of it,

It makes all your #tether arguments much more doubtful. $USDC is investing 86% of the funds into cash and equivalents (yes, treasuries and cds are cash equivalents), the rest are highly RATED bonds and cp. This is confirmed monthly by an auditor (not an “audit”, BY an auditor).

Everything $USDC has done is acceptable for a money market fund or low risk liquid fund.

Yes, it should be regulated like a security in the US ❗️

But without a current regulatory framework for #stablecoins, what they are doing is fully acceptable and stated in their docs.

$USDC is not printed out of thin air and that is a fact. Like it or not. Same goes for $PAX and its branded variants.

3) #crypto skeptics

Again, you do you 🤷🏻‍♂️. So if you want #crypto dead, I find that an extremely backwards looking and stupid idea, but okay if you do.

Just be consistent. If you pile on the hate for carbon emissions, pretending to care one ounce about the environment, but then cheer on a bill amendment that would practically kill those methods that are low energy usage while exempting the carbon emitters - come on?!

It just means you do not give a f’ck about the environment either. You just hate #crypto. Okay - but then we really do not need to take anything you say seriously anymore on the topic (and I will start muting), as it is just as dogmatic as Pomp’s scamming.

Overall, I think (and I experience it every day) #crypto has a positive role to play in the world and it will get there. The tools to prevent dirty coins from being used (except with large discounts on dark exchanges), tax evasion from being extremely transparent and even DEXes

being able to enforce KYC-AML securely and simply are there. I have seen them. They will be omnipresent in 3 years time. At the same time #crypto has democratized access to finance and fundraising for start ups already. It is taking out inefficient middlemen left and right.

Listing the benefits is not the point of this thread so if the above isn’t enough for you, I’ll point you to my article.

link.medium.com/O7sAyRXxwib

The point is - being anti-#crypto in general is about as smart as being anti-free speech or anti-healthcare in general.Details matter

The current debate about #crypto is extremely similar to what happened with the internet itself. It was only for criminals and some politicians wanted to outlaw it altogether.

Is it really so smart to be on that train?

PS remember how other side of this, the #bitcoin evangelists told you a government can’t kill it. I’d argue between China mining actions & panic on a US tax rule - they have proven they can make it unattractive enough to have same effect. Extremes are never right. Goes both ways.