Previous week shocked the crypto space with two dramatic but history proven to happen events – FTX rug and BlockFi suspending disabling withdrawals. The funny thing is that not so long ago we wrote an article Bitcoin vs Crypto – POS challenge. where we described that so far crypto mostly brought various scams to the industry. Who is to blame?

“The Times 03/Jan/2009 Chancellor…”

“… on brink of second bailout for banks.” This is the encrypted message which Satoshi included in the genesis block of Bitcoin. Ironically that was the title of “The Times” newspapers that day. But why he did it? What was the purpose?

the times banks bailout
The Times article

When Satoshi created Bitcoin, one of the problem he wanted to solve was to remove a “trusted” intermediary. Because due to the nature of people, this trusted intermediary can break trust any moment. The moment he memorized on the genesis blockchain is that how bankers’ responsibility for the housing market collapse was transferred onto the regular people through inflation and following crisis.

Satoshi saw how current financial system had a long track of record debasing the currency causing people hard earned money and savings to melt.

“…the history of
fiat currencies is full of breaches of that trust.”

The root problem with conventional currency is all the trust that’s required to make it
work. The central bank must be trusted not to debase the currency, but the history of
fiat currencies is full of breaches of that trust. Banks must be trusted to hold our
money and transfer it electronically, but they lend it out in waves of credit bubbles
with barely a fraction in reserve. We have to trust them with our privacy, trust them
not to let identity thieves drain our accounts. Their massive overhead costs make
micropayments impossible.

Here comes Bitcoin

And he (Satoshi) created the Bitcoin. To empower people to be responsible for their wealth. Bitcoin truly succeeded. After over 10 years of seamless network operation, we can say Bitcoin works! And what do we see? We see how people 1. who does not want to get familiar with how Bitcoin works 2. who are pushed by greed 3. who are being deluded, fall into various scam schemes. Why? Because of the intermediaries! The ones Bitcoin was created to get rid of.

Crypto is poison. But it poisons itself also. With every scam rug, with every hack of exchange, after another crash people asking with sarcasm “How is your crypto doing, ha-ha?” and you reply “What do you mean? I do not invest in crypto, I hold Bitcoin. It’s fine.” they start to treat it separately. They start to understand “something”. Yes, little-by-little. Step-by-step.

This is the way

Satoshi gave us truly priceless gift but it’s on us to take the responsibility in our hands. And with this responsibility comes great power.

I would love to finish this article with the Bitcoin community favorite: “Not your keys, not your coins”. Learn Bitcoin to meet freedom.