TL;DR: We just got solid, tangible proof that blockchain can solve government overspending and fraud and it's on public display for the world to see. Click here to get to the juicy part.
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That's how important this is. I haven't said much about the FTX fiasco because, well, I saw it coming, have warned you for YEARS NOW to not fall for any fiat-backed bullshit or shitcoins, and above all, NOT YOUR KEYS, NOT YOUR COIN...
... but here we are. This is a really important article that I can't make any shorter, so if you want to jump to certain parts, click on a chapter:
Who and What are FTX?
FTX is a cryptocurrency exchange platform founded by Sam Bankman-Fried. Worshipped by some of the top names in business like Mr. Wonderful himself:
When millions speak, millions listen. And so went forth the plebe, jumping on the FTX bandwagon. A fiat-backed unicorn fairytale. Why? SAM AIN'T PART OF THE CLUB! He was the SECOND BIGGEST DONOR BEHIND GEORGE SOROS to the Democratic party in the US. Did that change the outcome of this story?
NOT EVEN A BIT: HE'S NOT PART OF THE CLUB!
The FTX ripple effect
Some lost their life savings last week, having put all of their stash on exchanges that held their own stacks on FTX. Quick reminder: NOT YOUR KEYS, NOT YOUR COIN!
I can go on and on about this tragedy, but is it really a tragedy?
Here's what I see from all of this:
We don't know what money is (see: Money As Debt 1, 2, 3)
We don't understand what the words TENDER FOR LAW mean on the bills that we use (see: the bills in your pocket and the LEGAL definition of TENDER)
We don't know what BITCOIN is and why it was created (see: BTC White Paper and Satoshi's message in the Genesis block)
Y'all are fucking greedy.
Point blank. Is any of this the point of this article?
Actually, no, but it needed to be said before I can explain why we now have tangible proof the plebes will 'BELIEVE'.
Use it, friend, and prove to the plebes two things:
Fixing the public fraud problem and making voting great again
Imagine this, if you will:
There is a sudden crash in the market. The banks start publicly displaying their account balances to prove they have the liquidity to cover their depositors' accounts should everyone suddenly run to withdraw in fear of the impeding collapse. They make declarations that "they don't have money" in those instruments currently crashing.
RBC shows their balance. Everyone feels good about their account balances being safe from seizure/freezing/liquidation.
Then, using a wire transfer, RBC sends that liquidity to TD. Moments later, TD shows their balance, too. Once again, everyone feels good about their account balances being safe from seizure/freezing/liquidation.
Two banks: one stash.
Question: is there currently any way to actually confirm this? To verify that RBC did, in fact, send there stash to TD to "protect" their buddies? Rhetorical question: the answer NO. A BIG FUCKING NO. And there was no way to verify... until NOW. Crypto.com just got busted in a spectacular way. Crypto.com got massively hit in this FTX ripple effect. Fun fact: After publicly displaying their balance, a very large chunk was moved from their address to another address.
Guess what happened next? The exchange who owns that receiving address turned around to prove their liquidity to their clients and displayed their new found fortune publicly.
Blockchain: a public ledger short story (read the whole thread, lol):
Thing is, in this situation, the EXACT OPPOSITE of what happened. We WERE ABLE TO VERIFY!
In this case, we were able to VERIFY THE MOVEMENT of the coins. You can't LIE on the blockchain. Once the transaction is confirmed, we can follow the trace using the tx ids. (see: Blockchain Explorer) In this case, it just so happens the world was able to connect the dots. I just so happens, this time, we could FOLLOW THE MONEY. Hence; what Satoshi gave us wasn't Bitcoin, per say. He showed us technology that could be used to create true transparency, should that be what is desired. I think we can all agree that it's long passed overdue for governments, for voting, to get an overhaul. That governments be held $ACCOUNTABLE$. I dare you to change my mind in the comments below, mkay?
NOT YOUR KEYS, NOT YOUR COIN!
I used to use Shakepay for my BTC ins and outs. Much like everyone else I'm ragging on in this article, the "easiness" of doing business through a fiat-backed exchange made the user experience simpler. In other words: I'm fucking lazy, just like you. Swipe to pay? Let someone else hold my money FOR ME and "not worry" about that said someone (or thing) declaring bankruptcy? I've grown accustomed to the "easiness" of doing business that way. Here's the thing that made no sense: how the fuck can I trust a 3rd party more than myself, with my own money?! I have never shaken hands with the CEO of Scotia bank. I've never spoken with the guy or girl who holds the keys to the vault. I do need to give myself a bit more credit: I used Shakepay to buy and sell, but never kept coins in the account. The coins either moved to a private cold storage wallet, or onto an exchange with my asset manager at LNT Capital to trade with. I treat the coins meant to trade with no differently than fiat I throw at the stock market: if I can't afford to lose it, it shouldn't be there. It's called RISK MANAGEMENT - something our dear victims above were lacking in. Now I won't get into why I stopped using Shakepay, but you can read my Google review here. In point form: • Not your keys, not your coin
• Much like a bank, they shutdown the account belonging to LNT Capital, and not only that, tried to force him to SELL HIS COIN and withdraw in FIAT. That's fucking WORSE THAN A BANK.
So where did I go? I went to Bull Bitcoin. Who what where when how? I thought you'd never ask!
The CEO is Francis Pouliot, CEO of Bylls, the first payment processor in Canada that allowed me to pay my credit card bills with bitcoin. In 2016, I was using screens shots from their system to show people that YES, you could spend your Bitcoin to pay your day-to-day invoices.
Back then, the argument was
"but I can't use Bitcoin for anything!".
Thanks, Bylls, we annihilated that argument with your platform.
I had no idea who he was nor did I know where I would find myself 6 years later: speaking at their space during Hackfest 2022.
Bull Bitcoin says it best on their website:
Take control of your money.
Bull Bitcoin is a non-custodial Bitcoin-only exchange and payments service — Bitcoin done right!
That's it in a nutshell. The very system itself obliges you to use an address of your own: they NEVER HOLD YOUR COINS.
Bylls is integrated right into the platform! One-stop-shop, baby! There is even a way to buy coin without an almost blood-testing KYC process that you can read more about here.
They offer customer service that goes above and beyond: they want you to learn how to be your own bank and can guide you from beginning to end on your journey to becoming your own bank.
Founded by people who truly have Bitcoin core values, at heart.
They're fucking based in Canada, mkay?
OK Nat, I've heard enough, where do I sign up for Bull Bitcoin?
Another excellent question! Grab this link, and thank me later for the $20 Bull Bitcoin will drop in your account to get your started.
And lastly, some visual art:
Back to work now. Have a great day AND BE YOUR OWN BANK!!!
