Bip 110, Financial Engineering And The Fall Of Bitcoin Core. - Matthew Kratter. #612

Yeah.

It's like when you get shield Bitcoin by your cab driver, right? Oh, shit.

Right.

Okay.

Retail's here.

The top's in.

Or when you get shelled Bitcoin treasury company securities by your cab driver,

then you worry.

And this was a worry of mine when all of this started coming into the fray about 18 months ago.

All of this Bitcoin treasury company stuff.

hype is, for want of a better word.

And now we've seen that hype carry through.

And it got to a point where people were calling it the ICO craze of 2017.

This is our moment now.

And I agree with that to a certain extent because there was a new Bitcoin treasury company being announced every other day, it felt like.

And the dangerous narrative that came with it was we are building the bridges, excuse me, we're building the bridges between the traditional financial system and the Bitcoin new parallel system.

And we need these bridges to bring all of that kind of pent up capital from that system into this system.

It's almost like the XRP market pitch.

We're the standard and we're going to help you integrate between different currencies or help you integrate with Swift as if someone needed that.

And the pitch was, you've got all this trapped capital over here.

Guys, the trapped capital that you're talking about, like the sovereign wealth funds or the insurance or the reinsurance or the big hedge funds or whatever else, they don't buy penny stocks.

They don't.

It's not an outright lie, but it's misleading and it's misguided.

And so you created this hype and a lot of the plebs for want of a better term, everybody knows we use that word lovingly, that had money in pension funds, whether that's 501k in the US or a Roth IRA or superannuation perhaps in Australia or here in the UK, SIPs, they're called, S-I-P-Ps.

They started using that pension money, money that they'd saved for a very, very long time, to start hooning into these penny stocks that were getting pumped behind the scenes by the venture capitalists that were telling and crafting all of this story and using influential Bitcoin figures as figureheads to kind of make this tangible and real.