Speakers at the Bitcoin 2024 Conference in Nashville 🇺🇸
- Donald Trump
- Robert F. Kennedy Jr.
- Cathie Wood
- Michael Saylor
- Edward Snowden
- Vivek Ramaswamy
Damn that is a killer lineup.
At first I was super confused about everyone saying Edward Snowden was going to be there. When did he get pardoned? But then I looked into it and of course he's just going to be there digitally on webcam or whatnot. It's been quite the treat watching him be a part of the crypto community and actually pop into random degen accounts therein. He always leaves some zingers. Weirdest timeline.
Speaking about the weirdest timeline... how batshit is it that Trump is still going to be there after what seems like should have been a successful assassination attempt? Turns his head to look at a chart and now half of the population believes this is divine intervention. I feel like people are going to remember that he did a Bitcoin thing immediately after this oddly historical event, but maybe I'm overplaying it.
It's a bit shocking how fast crypto has become a partisan issue. Clearly it shouldn't be... as when was the last time that technology was considered a political issue? Imagine if the invention of the internet or smartphones somehow had left vs right political bias. No better way of being on the wrong side of history than trying to stand in the way of the innovation bulldozer. Good luck with that, dems. You're going to need it.
Ramaswamy and Kennedy are also very high profile politicians so it all seems like kind of a big deal. And I also have to say that I hope Cathie Wood gets some wins as well because she deserves better. Michael Saylor is a usual suspect; I suppose it would be odd if didn't attend rather than not [not attending]. Should be interesting. I'm not sure if I've ever paid attention to a Bitcoin convention so perhaps that attention is going to bleed into a much wider audience. Seems likely.
MT GOX
Remember when Germany sold all that Bitcoin and then MT GOX threatened to give a bunch of Bitcoiner's their money back? Unsurprisingly when the market tried to price in these events in failed miserably and created this weird sell the rumor buy the news event. In conjunction with everything else there's a good chance that $55k was indeed the bottom, which is honestly kind of annoying for me because I'm committed to waiting for the end of September before I do anything crazy.
After a little digging I found evidence that shows that all these MT GOX creditors aren't even selling, which shouldn't be surprising in the slightest. These are folks who know all about the 4 year cycle to the point of being rug-pulled at the tippy top of the 2013 run. Of course they'd wait until at least 2025 before selling. Duh!
Craig Wright is pwned
Oh... my... god... it's happening.
Craig Wright's official homepage has been set to broadcast that he's been completely annihilated in court and facing perjury charges and whatever else they decide to throw at him (like forgery and perversion of the court system). Wow, I can't say I respect the legal system in the slightest but it's weird to get a win this big during such a time.
This is a guy who attempted to single handedly patent the Bitcoin whitepaper and the underlying technology itself. He constantly sued anyone that opposed him into the absolute dirt. He won these cases even though he was very obviously lying the entire time (because the burden of proof is legally on the other party). He's twisted the legal system long enough and finally the chickens come home to roost. Love to see it. Get bent, sir.
Conclusion
Are we so back? It feels like we are so back. I'm still ready to wait this thing out until the end of Q3 but perhaps that's an overshoot. Even XRP is up 42% over the last few days. Something is brewing, but we'll have to just wait and see what comes our way.
I honestly don't think crypto is political issue... this was the quote from Biden when he veto'd that bill:
"My Administration is eager to work with the Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities,"
and
"Sen. Elizabeth Warren’s anti-cryptocurrency crusade is facing pressure from her own party.
Dozens of Democrats, including Senate Majority Leader Chuck Schumer, have broken with her in recent days and supported an effort to undo SEC guidelines that critics say discourage banks from holding digital assets."
Obviously actions speak louder than words, but I also understand that for things like blockchain, AI, emerging technologies, etc you want to try and get the regulations right so that you don't stifle innovation, but also protect the citizens from being run over.
There's a big difference between being anti-crypto and trying to make sure you get the regulation right.
I personally think that makes sense rather than rushing things in... but I also get there is a ton of nuance with these things and so I'm sure everyone's going to get angry at me for trying to point out that nuance.
Crypto is a partisan issue because I can talk to some random liberal businessman in a coffee shop who tells me they heard that "Bitcoin wastes energy" when they don't have the slightest clue as to what that energy is worth or being used for. Imagine someone saying something wastes all the energy it consumes when they don't even know what the thing does. These are the stories that the media trickles out to the public.
The propaganda used to be more effective on the right wing when drug dealers and pedophiles were the ones using Bitcoin. It's shifted in a big way since the early days.
The empty words of the Biden administration are less than worthless. They are liars. They've been actively engaged in a backhanded and unlawful crusade against crypto for a while now. Operation Choke Point 2.0 is not a made up fabrication. It's real and fully unconstitutional. Gary Gensler is an unelected bureaucrat that does the administration's bidding. He's been instructed to obstruct crypto at every turn illegally at the cost of making the SEC look either completely incompetent or corrupt. The judge's rulings against them have been absolutely shocking and embarrassing for this administration.
These people have made it abundantly clear that they don't give a shit about investors or even the citizens that elect them. The number of examples to this effect are staggering on both the left and the right. "Regulation" is a farce. They want power, control, and the money associated with it. They've meticulously calculated everything up to this point to pave the way for a Wall Street takeover of Bitcoin and Ethereum, and it's working out pretty well for them so far.
There's also so many conservatives, today, that think crypto is the Mark of the Beast (whatever that means).
Look at this survey though:
Source - It is a year old though.
Compare that to something that is a partisan issue like Environmentalism/EV ownership:
Source
I really don't think it is a partisan issue if ownership of crypto is so even across political leanings. I know heaps of people that will likely vote Biden that have crypto. Sure there is a ton of media about the energy usage of Bitcoin, but when there are reports of coal mines being restarted for Bitcoin mining, and reports of entire towns getting sick from the noise of Bitcoin miners, the anti-Bitcoin rhetoric is understandable. Bitcoin miners need to take responsibility in this too.
I absolutely agree with everything you've said about Gensler, he's been straight up bizarre.
You might be thinking more long-term and I might be more on the short-term side on this one. Crypto can't be a partisan issue on longer timeframes. This is especially true because crypto is global and affects all political parties worldwide. That and it's specifically a neutral technology by design so it makes no sense to politicize it. A party only need get bulldozed one time by technology before they realize that's not going to fly.
On the short term if very much seems as though the right is embracing crypto for easy single-issue voters, and the left is like "ew I don't like that" just out of habit taking the other side of the trade.
Yeah, I think you might be right... I do suspect that Trump is specifically tapping into a pro-crypto stance to secure the Libertarian vote away from Chase Oliver (and possibly because he's trying to drum up more money and so is accepting crypto donations now). Trump was against crypto when he was in Government, but now that he's personally benefitted from it he's changed his mind... which tracks.
I don't at all think that all Democrats oppose crypto, especially since H.R. 4763 had bipartisan support, 4 Democrat co-sponsors and passed the House of Representatives (approvals not along party lines) and probably would have passed in the Senate too... but yes, I completely agree that for single-issue crypto voters the GOP is clearly leading.
I don't actually know if Trump/GOP/Project 2025 has any policy outlined regarding crypto though. Be interesting if anything is promised during the Bitcoin convention.
I really had expected a larger dip after the Trump-Near-Miss peak... Sold a bit at the local top expecting a 4% move down and that just never happened 😂
Yeah there is so much chop I simply refuse to play the game again until Q3 is over.
Haha yeah, good choice honestly. This is looking like it will be pretty hard to predict. After my little try there resulting in a whole 8$ of BTC added, I think I'll be taking a break too lol 😂
I was talking to someone the other day who was saying that most of the mt. Gox people are planning to hold. Since they lost their BTC around $150 they might take a little profit, but mostly they are going to diamond hand it.
It's crazy to think the bottom is already in, and we still in the middle of summer! The ETFs seem to be getting their appetite back too.
Digging into these topics gives me allergy! All events are of human character and few Divine or vice versa. Who could know the Absolute Truth? Thanks for sharing ✨
Craig Wright, this settlement renews my faith in mankind.
Bitcoin Conference attendes...who would have believed this would happen ten or even 5 years ago. Bitcoin has definitely arrived and has become unstoppable.
Altcoins like HIve and others have become bottom dwellers for now.
I hope this is just a buy the dip moment.