Anthony Pompaliano was the first to fall (is that you spell his last name? IDGAF), followed by his sycophant Will Clemente. Your boy what's his face from Stripe sold out a long time ago when he said he was basically handing over his tech to the IMF.
Why is everyone who made a name shilling bitcoin, and more importantly, the libertarian narrative behind bitcoin, jumping ship?
Easy. This is how shills operate. Pomp is no different from Bitboy. And this is a good thing.
I'm not a bitcoin maxi, never was. Look back over my past blogs. I've always studied the entire crypto market because the entire space deserves to be dissected as a whole. Nothing works in a vacuum. Less people would care about bitcoin without the various financial experiments Ethereum devs concocted with defi. Less people would care about defi unless there was a promise of connecting it to commercial utilities like games. Less people would care about games without a relatively easy entry point like commercial art (dUh NfT sPaCe).
I do think bitcoin still represents the best hope for people who want freedom. Coinjoin didn't get sanctioned by the US, Tornado Cash did. It actually helps freedom lovers if bitcoin and its web3 stuff flies under the radar. The people who really believe in it fight through stealth, not force.
But bitcoin is not the only thing that is providing new value to the world. It will play a big part; it will not be the only breakthrough.
The maxis see this. Now I don't think they saw it altruistically; I think they determined that the fiat value of their portfolios is probably maxed out if they stay with bitcoin. Noobs like Clemente actually LOST money at first listening to Pomp's bloviating (if you follow the story, William was all ready to move out of his parents' house when BTC=$60,000, and he quit school. After the drop, he moved back in with his parents!). Now William is "profitable," as he says, from altcoins, and he obviously plans to continue following that path.
I would, too. There is a lot you can make money from if you follow the breadcrumbs.
The US recently released a paper saying it was going to crack down on PoW mining and give money to DLT alternatives, basically anything other than PoW mining. This means VCs that want to invest in ESG compliant companies will move into stuff like $ETH, $QUANT, $EWT and $HBAR — stuff that advertises itself as low-energy and building infrastructure for business.
Libertarian or not, VCs are what move markets. If they are going somewhere, you should follow and make money. You can then pull that money back into BTC. I certainly will. But you can't get more BTC if you don't have more fiat. That's just the fuckin reality of it right now, regardless of what your freedom beliefs are.
So that's why all of the BTC maxis are jumping ship. Because we're in a supposed bear market, and there are still opportunities to make cold, hard cash in crypto. It makes sense to go after them.
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