The son of the current President two days ago on Twitter told people it’s time to add Ethereum to their balance sheets. It is mind blowing to see this, given what this cycle represents for Ethereum.
For years people have been predicting the outcome we are seeing play out this cycle. Ethereum’s dominant use case has been as a platform for issuing other assets, and building applications focused on assets other than ether itself. This becoming the dominant use of the network has obvious implications for the necessity of the Ethereum network itself to operate these other applications and assets.
Bitcoiners have consistently pointed this out, and predicted that other cheaper and more centralized networks with the same functionality would eventually obsolete Ethereum, as the chief value proposition of the network in the market has proven not to be Ethereum or ether itself. That is exactly what we see playing out right now with Solana absorbing activity from Ethereum, for everything from memecoins to DEXes now.
This isn’t a new thesis, this isn’t some novel niche idea hidden from the light of day, it is something loudly predicted for half a decade or more. Yet the “orange pilled” son of the President is here publicly stating it’s time to add ETH.
I think this should in a very crystal clear manner demonstrate that none of the Trump family or new administration are “orange pilled” at all. All they have been shown is the opportunity to make money, and they will follow their incentives. That realistically leads to shitcoining.
Shitcoining is the most profitable short-term thing in this space. They will follow the path to easy money. I think this is the cold hard reality that some Bitcoiners don’t want to accept, people are in most cases not better than their incentives. We are not going to have some kind of grand spiritual “Bitcoin awakening” in government. We are just going to see the incentives we’ve watched play out in multiple cycles play out at a larger scale than we ever have before.
What’s amazing to me is how so many Bitcoiners thought sticking our nose into the government would go any other way. We opened the door, and the shit got dragged in behind us.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
At the most recent Bitcoin++ developer conference in Austin, TX, Bitcoin Magazine's Alex B. sat down with Michael from Boltz and Tiero from Ark Labs to discuss the latest developments in Bitcoin's technology ecosystem, particularly focusing on Lightning Network, Liquid, and emerging technologies like Ark.The Journey and Challenges of LightningReflecting on the journey of the
UASF versus URSF is one mechanism for proposed changes to Bitcoin’s code. This should be the way changes to Bitcoin are decided and implemented.Watch This Episode On YouTubeListen To The Episode Here:AppleSpotifyGoogleLibsynOvercastIn this episode of “Bitcoin, Explained,” hosts Aaron van Wirdum and Sjors Provoost discuss URSFs, which stands for either User Rejected Soft Forks or…
Launched in Berlin on Saturday, October 19, 2019, the new HTC Exodus 1s promises to be the first smartphone to put a full Bitcoin node in the users’ pockets. The device is a technical and spiritual successor to the Exodus 1 (which integrates a hardware wallet), whose uniqueness and value proposition on the smartphone market…
Murad Mahmudov is back igniting our X timelines, but you may have noticed these days the “former” Bitcoin maximalist isn’t posting much about Bitcoin. For the uninitiated, Murad is a Bitcoin maximalist, albeit one who has run the ire of the culture for taboo ideas: see his 2021-2022 embrace of wrapped Bitcoin assets on other
Taro daemon's alpha release on testnet enables developers to test issuing, sending and receiving assets like U.S. dollar stablecoins on Bitcoin.Lightning Labs on Wednesday released the first version of the Taro open-souce software to enable minting, sending and receiving assets on the Bitcoin blockchain.Taro daemon’s alpha release enables developers to issue tokens on testnet, an…
Robinhood announced major growth in the number of customers making cryptocurrency trades — up to 9.5 million in the first quarter of 2021.Financial services company Robinhood has announced that in the first quarter of the year, the number of its customers who traded cryptocurrency spiked to an all-time high of 9.5 million, up from 1.7…
A look at the supply changes, exchange activity, futures trading and more indicators of July's bitcoin market.The below is an excerpt from the monthly recap by the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Supply…
In the past, infrastructure deals have represented new industrial opportunities for America, and now should be no different.“Infrastructure” is defined as the basic physical and organizational structures and facilities (e.g. buildings, roads, power supplies) needed for the operation of a society or enterprise.There have been instances in our country’s history where infrastructure projects/legislation have been…
Follow Aaron on Nostr or X. The news got buried in part due to Trump’s inauguration and subsequent rumblings of a Strategic Bitcoin Reserve (SBR), but developer b10c recently published research showing that F2Pool — a mining pool representing ~11% of hash power on the Bitcoin network — is censoring OFAC-sanctioned transactions… again. In case you