Bitcoin FU pumping again - just like over Christmas / early Jan when similar desperate, irrational legislation was attempted to be passed - makes me realize that perhaps having detailed insight into the process, consequences, and efforts to fight it might just make me a midwit 🤷♂️
On a serious note, the way the community has united to try to fend this off has been 🔥
I didn't think I could be more of a DC cynic, but following the process of the gov sneaking this insanely consequential piece of legislation into the unrelated infra bill was truly "mask off"
Its no small task building coalitions, getting amendments sponsored, attempting to educate geriatric oligarchs on the importance of not ruining the best chance our country has to embrace the future & nurture (rather than knee-cap) the most important technology of this millennia…
So shoutout to the bitcoiners pushing in DC and who operate in the Beltway who went all out for an entire week, 24/7 doing their best to limit the damage from this.
It's clear that our interests are increasingly influential, and we are winning more allies with each passing day.
We may lose today; and that's going to be a damn shame. But throughout the entire crypto community there is a deepened resolve.
A whole generation of one-issue voters have been birthed. And we are not amused after seeing how the sausage is made.
We are obsessive. We have money. And we globally coordinate unlike any community in history.
Regardless of what happens today, expect every Senator that votes for the Portman/Warner amendment to come up against a well-funded pro-crypto candidate in their next primary.
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Pretty crazy thinking that we as a cryptocurrency community couldn’t “credibly” support the @tedcruz amendment to strike all mention of crypto in the Infra bill because the CBO had already allocated that budget windfall and removing it threatened to torpedo the entire pork-bill.
Before we even started debating the merits & implementation, the Congressional Budget Office had already pulled some number out of thin air that this provision would supposedly bring in - locking the community into negotiating the bill within this limited (questionable) framework
Because they put a dollar amount to this provision, it became impossible to argue against the very legitimacy or ontological necessity of the provision.
For if it was removed the total funding of the bill changes and all of the sudden there’s a bigger political shitshow on hand.
So much attention is focused on the immediate data (covid cases, deaths etc) - the Seen - at the cost of truly massive tragic negative externalities - the Unseen - that we’ve lost sight of the bigger picture.
It’s going to be incredibly hard to recover from this collectively.
We cannot accept the current state of the world in perpetuity.
Covid should be dealt with intelligently.
But not at the cost of fundamental freedoms, the collective wellbeing of the populace, and our ability to operate coherently as a country.
“It follows that the bad economist pursues a small present good, which will be followed by a great evil to come, while the true economist pursues a great good to come, at the risk of a small present evil.” - Frédéric Bastiat
Bitcoiners around the 🌎, time for us to rally together.
What follows is a story of real world bitcoin adoption in the developing world, improving lives and enabling dreams.
One that in a sudden flash turned to tragedy, and now requires our attention. First, the background:
.@Bitcoinbeach is a first of its kind global experiment, attempting to kickstart a circular bitcoin economy in the name of financial inclusion and economic empowerment within a small community on the coast of El Salvador
I spent most of 2021 in El Zonte learning about & helping the program.
Recently the bitcoin community has taken notice of El Zonte. As have bitcoin companies such as @ln_strike which launched their first non-US market in El Salvador in March nasdaq.com/articles/strik…
The history and depth of the US’ relationship with Saudi Arabia is underdiscussed. Most of my peers don’t realize how tight the relationship between our respective oligarchs is and the history of how it came to be.
The Embargo accelerated the relationship which continues to this day. It’s a major factor in our immoral foreign policy of the last 40+ years and perhaps the most foundational relationship underlying the Petrodollar / US fiat reserve currency status.
The Nixon Shock was announced in 1971, and became fully in place by 1973 - the same year as the OPEC Embargo. This broke the convertibility of dollars to gold, ringing in the era of fully fiat global currencies.