We Were So Wrong! BlackRock Was a HUGE Mistake for Bitcoin & Crypto – Charles Hoskinson

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Credit: Charles Hoskinson
Legacy is Eating Crypto

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By the way it’s the exact same problem here if you look at 10 billion AUM for Bitcoin ETFs amongst Black Rock and Fidelity and these other uh Bitcoin trusts well what does that translate to 200,000 Bitcoin being in the hands of uh a small group of actors who are

Regulated they have the exact same power as circle now with Bitcoin as more of these Legacy actors come in they’ll acquire more and more of the supply they already have a fifth of what Satoshi has remember the Panic scenario in Team B Team orange keeps saying what

If Satoshi comes back and sells all of his coins well you have just invited in some of the richest most powerful multinational globalist organizations to own 200,000 of your coins amid growing buzz and excitement in the cryptocurrency industry about the spot Bitcoin ET TFS there have been some

Dissenting voices that believe the whole exercise is antithetical to what the industry represents in a recent video cardano founder Charles hoskinson shared his concern about the latest additions to the cryptocurrency industry especially large Wall Street players like Black Rock and Fidelity hoskinson titled his video Legacy is eating crypto

And in it he makes the case that the industry is celebrating the acceptance of Bitcoin into the big boy quarters but what is really happening is the corrup Legacy system getting a free pass into Bitcoin and crypto about 2 weeks ago analytics firm k33 research reported that the nine newborn ETFs had amassed

Over 200,000 Bitcoin worth around $9.5 billion at the time ETFs reached that historic Milestone after less than a month of trading the Bitcoin ETF approvals and the mass accumulation of Bitcoin have been great for crypto asset prices with Bitcoin now trading at over $50,000 for the first time since late

2021 however Charles hoskinson cautions that the industry’s fixation on price gains and complete disregard for the danger these products pose might spell Doom for the entire industry in no distant future in the course of the video which was uploaded on YouTube a few days ago hoskinson also warns about

Asset-backed stable coins like usdt and usdc the cardano founder believes both stable coins especially as well as other regulated assets like their pose a significant threat to the continued development and autonomy of the cryptocurrency industry as we bring you clips from hoskinson’s video please take a little time to like this video

Subscribe to the channel and turn on post notifications for more videos like this thanks and enjoy the video so recently I was on several different podcasts and I made the point uh that algorithmic stable coins are an essential thing that we need to as an industry look into and that asset back

Stable coins are a little problematic so this comes from PowerPoint that’s produced internally but I wanted to share it because I really really like this data from coin metrics and Alum so anyway uh Stables represent about 10% by uh by value of the crypto market cap of

Which usdt and the usdc are the overwhelming majority of those things okay but they dominate the onchain transaction volume about 70% of all transaction volume so from a crypto perspective eth and Bitcoin take a backseat to usdc and usdt these are by volume the value transfer mechanisms of

Our industry they represent the huge majority of uh onchain traffic um and value transfer in our industry now there’s something about these two guys usdt and usdc they are asset backed very important term asset backed which means that there are two properties you can’t get away from one

Property is that there’s a central issuer there is a company who is regulated in a jurisdiction subject to that jurisdiction’s rules and regulations and whatever that jurisdiction wants to put upon that company permissive or otherwise they are subject to it cannot get out of it they’re a business like a

Bank or anything else responding to that regulation and I’m not diminishing or saying they’re bad actors and that we they’re evil people or something I’m just saying that they exist within a jurisdiction they’re subject to regulation crypto does not crypto is a global asset the people who hold it are subject to their

Local regulations so if you’re in Estonia you’re subject to that if you are in South America and Argentina you’re subject to whatever it is there and of course the United States you’re subject to that and if you do business with a US person then suddenly you’re now under us jurisdiction but Bitcoin as

A prot protol doesn’t wake up in the morning and say I follow the US law a stable coin that is asset backed does there’s no way to get around that and the top two basically have to follow for the most part what the US government says even if they’re running away from

It a little bit like tether they they still at the end of the day they can’t violate they can’t push too far in One Direction so that’s the first set of problems with asset-backed stable coins the second set is they can’t go fractional and you that’s a good thing

But with a hard Fork let’s say there’s Bitcoin splitting and there’s Bitcoin a or Bitcoin b or more pertinent to this example ethereum splitting ethereum a ethereum b you can’t have a situation where the stable coin issuer says you know what I’m going to let my stable coin be on

Both sides we’ll just let it ride why because doubling the supply means that they’re only back by 50 Cents to the dollar they they have to pick a winner they either pick a or they pick B A or B but not both they can’t pick both by Design if

70% of all your transactions all your value transfer is occurring at that staple coin level and your entire defi economy relies on that you can’t be the chain that suddenly loses usdc or tether you have to be the other chain so what if they split and one says we’re going

To put kyc into the whole system and the stable coins support that split and the other side well they just lost your stable coin means they lost all their liquidity they lost all their def5 backbone what do you do that property forces them to pick a winner you have

Now implicitly given to the stable coin issuer the asset back stable coin issuer that power a small group of people you’ve never met you have no relationship ship with you didn’t elect them they have nothing to do with your underlying asset they have that power that Authority now according to

Hoskinson algorithmic stable coins are a better option as they are not subjected to the same limiting factors as asset-backed stable coins hoskinson explains that algorithmic stable coins are backed by other crypto assets and the algorithms that custody the whole process are onchain not necessarily under the sole control of a centralized

Entity or regulator he claps back against people who use the example of the teral Luna collapse in the argument against algorithmic stablecoin adding that one example does not automatically condemn all algorithmic stable coins in his video hoskinson also talks about the celebration of spot Bitcoin ETFs and the

Complete disregard for the danger such centralized custody poses for the leading cryptocurrency in stark contrast to many other cryptocurrency investors hoskinson does not seem particularly excited about the number go up arguments Pro ETF bitcoiners have put forward here are more clips from the video by the way

It’s the exact same problem here if you look at 10 billion AUM for Bitcoin ETFs amongst Black Rock and Fidelity and these other uh Bitcoin trusts well what does that translate to 200,000 Bitcoin being in the hands of uh a small group of actors who are regulated they have the exact same power

As circle now with Bitcoin and you have all team orange running around say well no they don’t the miners are in control okay well let’s go do the experiment you fork and you have Bitcoin chain a and Bitcoin chain B and the ETFs say you know we support

Chain B so what do they do they take whatever assets they have that have just been replicated in chain a and they sell all of it what does that do to the price of chain a it goes into freef fall and you know what happens is the miners they

Say well same hash power but if I mine a I get 25 50 60% less then if I mine B I’m just going to move over to B hash power Falls the dominant chain is chain b as more of these Legacy actors come in they’ll acquire more and more of the

Supply they already have a fifth of what Satoshi has remember the Panic scenario in Team B Team orange keeps saying what if Satoshi comes back and sells all of his coins well you have just invited in some of the richest most powerful multinational globalist organizations to own 200,000 of your coins and you’ve

Done it happy happy happy joy joy every day you’re fired up about it why because number go up then you look at the centralized exchanges they get to decide list a list B you see the trend here so hang on a second here how many big exchanges do we have in crypto

The top three control the vast majority of our transactions and trade by dollar value small group of ETF holders small group of centralized exchanges two big asset back stable coins which constitute 70% of the value transfers sum that up 10 Legacy regulated institutions control the vast majority

Of your value flow and also get to decide the future of all of these projects why because if you go in a different direction they won’t list you they won’t give you a stable coin and uh they’ll dump your coin if you go in a different direction for a project that

You love you tell me is crypto eating Legacy or is Legacy eating crypto this is something cryptocurrency Reddit can’t understand because the only metric that matters is number go up anything mentioning my name bad and cardano is a scam lo and behold were one of the few

Ecosystems that managed to stay a little bit out of The Fray because we weren’t a VC ponic coin we just organically grew and for the most part most of Wall Street has ignored us for the most part most of that Legacy infrastructure hasn’t paid too much attention and we’ve

Had organic tvl and organic growth now the community is starting to invite the vampires in it’s not my job to say it’s a good thing or a bad thing it’s my job to go and say I have concerns and to let people know that when these people come

In they gained a lot of power and influence they get to decide your level of transactional privacy your custodial standards what is a wallet what are your listing criteria and the governance therein what chains are legitimate what chains are not what consensus is legitimate what consensus is not who gets liquidity and who

Doesn’t get liquidity which Juris itions and dozens of other things they get to decide all of that and if they decide that you’re not worthy like Monero getting delisted with uh most modern exchanges out of luck is that the revolution we signed up for to have 10 companies come in and

Completely take over cryptocurrencies and basically run them and control them I didn’t sign up for that I don’t I think a lot of people did but if your only criteria is number go up that’s what you get hoskinson concluded his video with a warning you should be able to participate in markets

Without fear of censorship and exclusion this is the Bedrock of the Revolution that is cryptocurrencies and none of this means anything if we hand all those things to Legacy actors please share your thoughts on Charles hoskinson’s video and his dire warning for cryptocurrency investors meanwhile hoskinson is not the only one with with

A warning about Bitcoin ETFs popular Bitcoin Advocate Max Kaiser has also expressed concern about bitcoin-based exchange traded products on Thursday Kaiser quoted a tweet about New York attorney general Leticia James’s recent remarks about seizing former US president Donald Trump’s assets if he fails to pay the $355 million penalty

Imposed in the state’s civil fraud case against him Kaiser’s response to the statement reads if they can do this to Trump they can certainly sees Bitcoin held in Bitcoin ETFs and Commander us Bitcoin miners self- custody or lose it in another post he made the previous day Kaiser shared a bullish price prediction

For the leading crypto asset and predicted an impending market crash for other Financial assets his post reads 1987 style crash coming Bitcoin the ultimate Safe Haven will soore past $500,000 gold will continue getting demonetized by Bitcoin Bitcoin ETF and domestic Bitcoin miners will get seized by the US government hoskinson’s and

Kaiser’s concerns about Bitcoin seizure are not misplaced the US government as well as its counterparts around the world regularly confiscate Bitcoin held on centralized cryptocurrency exchanges the US government in particular is a top confiscator as of last March it held over 205,000 Bitcoin worth $5.6 billion

At the time and a little over10 billion at today’s prices however despite the warnings about these ETFs many Bitcoin and cryptocurrency investors are still quite ecstatic about them especially due to their impact on prices please share your thoughts on hoskinson’s and Kaiser’s warnings do you think we should

Be more cautious of the big traditional Finance firms or appreciate how they’ve opened up crypto to thousands of new investors also ensure you like this video subscribe to the channel and turn on post notifications for more videos like this thanks for watching