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Opinion articles present diverse opinions and do not represent the position of “WEB3+”.
As I approached my old age, I had planned to take a week off from writing and had already planned the content of this week’s environmental protection and reuse newsletter. I even planned to go alone and watch “Attack on Titan” with a venomous L attitude. However, unexpectedly, Trump (Trump) recently issued the TRUMP coin, which shook the cryptocurrency market. I had to change my plans and write late into the night.
Don’t misunderstand me as being excited about the event, and don’t think that I would suggest the timing to buy or sell. On the contrary, my strongest feeling about the TRUMP coin is helplessness, and the words I want to say the most are speechless. Instead of keeping my thoughts to myself, I feel a responsibility to express my stance on this event.
On the Saturday night just passed, I held a sharing session for my new book “Buy 100 yuan worth of Bitcoin Every Day: My Four-year Record of Fixed Investment” at a bookstore. During the Q&A session, a reader raised a question: blockchain and cryptocurrencies were originally meant to be decentralized, but as time went on, they only allowed the rich to make more money and consolidate the existing order. If I had known that on the same day, on the other side of the world, the TRUMP coin was being issued, using an extremely centralized method to instantly print 7 billion US dollars out of thin air, maybe my response at that time would not have been so full of vitality and righteousness in defense of blockchain.
Does cryptocurrency strengthen the existing order?
In response to the reader, I clarified that reducing the wealth gap and decentralization are two different things. It is true that if the tokens of a certain blockchain are overly concentrated, such as one person controlling one-third of them, it would threaten the decentralized ledger. However, if the Gini coefficient is only slightly higher, the wealth gap does not constitute security vulnerabilities that are easily tampered with.
Secondly, I do not believe that those who have become rich due to blockchain-related technologies are all beneficiaries of the existing social order. On the contrary, many billionaires still do not know or recognize Bitcoin today. Warren Buffett is the most well-known example. As for Hong Kong, we have also discussed how we believed that Bitcoin was a sham and could be banned at any time by people like Francis Lun. On the other hand, the founders of Ethereum, Vitalik, Binance’s CZ, Tron’s Justin Sun, and countless others, were all unknown in the old economy, clearly reflecting that not all the wealth generated by blockchain and cryptocurrencies ended up in the hands of the rich (the above discussion purely focuses on wealth and does not represent recognition of individuals in specific industries).
I do agree that most disadvantaged people have not improved their lives because of blockchain and cryptocurrencies. However, even if blockchain provides an opportunity to reshape production relations, narrowing the wealth gap has never been its mission. Traditional economies are full of various barriers such as capital and relationships. Even if there is a very cheap piece of land in front of you, you simply cannot afford to buy it for 100 million yuan. Even if you know that there are billions of dollars in the national security budget, you will never have the chance to earn that money.
On the other hand, cryptocurrencies do not discriminate against the financially disadvantaged and the underprivileged. Participants do not need approval, and if there are any barriers, they are only knowledge-related. This kind of barrier is fair, whether you are a privileged person or from a lower class, you still have to learn. The opportunity to escape poverty must be seized by oneself. As long as you are willing to learn, the underprivileged can change their life trajectory to some extent through cryptocurrencies. I am well aware of this because I am one of those underprivileged people. That’s why I have always insisted on comprehensive open access to educational content—I am absolutely unwilling to see anyone lose the opportunity to obtain information and knowledge due to their starting point.
This also applies to countries at the national level. As the world’s only carbon-negative country, Bhutan is unable to obtain the necessary funding in the game between countries or the support from large countries that severely damage the environment. Instead of selling surplus electricity at a low price, Bhutan is using hydroelectric green energy to mine cryptocurrencies. As a result, it has become the fourth-largest holder of Bitcoin in the world, with more than 12,000 Bitcoins, worth 1.2 billion US dollars, accounting for 36% of its GDP. Another well-known example is El Salvador, a small country that has designated Bitcoin as a legal tender alongside the US dollar. While it is too early to tell whether this will allow them to break free from the US dollar, the mere fact that Bitcoin provides an opportunity for upward mobility is unprecedented and immeasurable.
Trump’s “Power Orb”
The media popularized a saying: the previous bull market was driven by Tesla’s support for buying cars with Bitcoin, and this bull market is driven by Trump’s candidacy and election manifesto.
Such reports attribute the achievements to the actions or even words of one or two individuals, completely erasing the efforts of the cryptocurrency punks and the entire industry for decades. This is extremely ignorant, and I cannot agree with it. It’s like in the comic “Dragon Ball”, where Goku, Gohan, Vegeta, and other heroes have gone through countless hardships, sacrificed their lives to save the Earth, and then the media believes in what Mr. Satan says and considers him the savior who single-handedly saved the Earth. Both scenarios are equally absurd.
Celebrities are good at taking credit for the success and glory, and the media loves to simplify complex events into dramatic headlines. If it weren’t for those who blindly believe or simply don’t care about the facts and believe that making money is the only truth, these speculative traders, the discourse of having a supreme stance for a single day would never become mainstream.
In the previous bull and bear market cycles of the cryptocurrency market, whenever Elon Musk made a statement, Dogecoin would skyrocket in response. Recently, this richest man has taken it a step further by entering the cabinet and establishing the Department of Government Efficiency, making himself the “founder” of “DOGE”. However, even if I don’t appreciate this method, this is at best taking advantage of the situation. At least Dogecoin is still relatively decentralized, with tokens scattered among a wide range of holders and miners. Musk cannot hold too much and cannot affect the minting logic of DOGE.
On the other hand, the recently launched TRUMP coin is “printed” in the most centralized manner. According to the official website gettrumpmemes.com, the total supply of TRUMP coins is one billion, with as much as 80% held by the “team” and released over three years. Even the remaining 20% is used for liquidity, and only 10% is available for public sale. In addition to the extremely concentrated ownership, the total supply, usage, governance (if any), are not decentralized at all, and are even more centralized than the central banks issuing fiat currencies. The only slight connection to decentralization is the use of the Solana blockchain for accounting, where holders only need to use self-managed wallets, making it difficult for authorities to freeze their assets. I have previously written about the “decentralization” of blockchain, discussing how powerful Eastern countries have effectively incorporated blockchain into state-owned enterprises. I never expected that a few years later, the president of a Western superpower would, in such an open manner, “decentralize” cryptocurrencies.
You may argue that coin minting rights are exactly what I have been advocating and even advocating as a citizen’s right protected by the constitution. Isn’t the issuance of TRUMP coins the best example of utilizing blockchain and memecoins? But it is not.
The democratization of coin minting aims to provide citizens with diverse choices and allows individuals to issue tokens to interpret value or function, which is an extension of freedom of speech, empowering the general public and countering authoritarian regimes. However, just as police officers who legally possess firearms must undergo stricter supervision than ordinary citizens, politicians who hold public power and have access to asymmetric information should be subject to corresponding restraints to prevent abuse of power. In Hong Kong, where democracy is lacking and officials are not held accountable, the former Financial Secretary, Antony Leung, who bought a car before the tax increase, had to step down. On the other hand, in the democratic country of the United States, the term “conflict of interest” has completely disappeared. While the litigation over whether cryptocurrencies are securities is still ongoing, the legality of coin issuance, especially by officials, has not been clarified. Yet, on the eve of the president’s inauguration, a coin is issued in an extremely centralized manner, and the democratization of coin minting is interpreted in such a way, and the public is so enthusiastic about participating. How can I not feel helpless?
The issuance of TRUMP coins is like Mr. Satan raising his hands and asking all the people on Earth to give him their energy to help him “FIGHT FIGHT FIGHT” to save the planet. If you believe that Mr. Satan will use your energy to save the Earth, then support him by giving him money, and I respect your political stance and spirit of dedication. Even if you only seek to buy low and sell high, I also respect your free will. After all, even lotteries and horse racing are allowed, and there is nothing wrong with speculating and making money.
However, if you think that TRUMP coins have anything to do with the spirit of cryptocurrency punks, it is undoubtedly a beautiful misunderstanding. The fact is that the real heroes behind Satan, such as Tornado Cash, which uses cryptography to protect asset privacy, are either imprisoned or awaiting trial. Many other web3 entrepreneurs are working hard to surpass national sovereignty and build for the public interest, with little time to bask in glory because we all understand that we are still far away from mass adoption of cryptocurrencies and the world where they help protect citizens’ rights is still distant and endless.
p.s. Someone in a chat mentioned that they missed the opportunity to invest in TRUMP coins, but I disagree. The other person thought I was being self-righteous, but in fact, I don’t mind money, and I even like it. It’s just that I know that I also missed out on the lottery, horse racing, and football matches during the same period. If I lamented every missed gambling opportunity, I would make myself too busy. Why not go watch a good movie when I have free time? Besides “Attack on Titan: The Last Attack” theatrical version, “Fullmetal Alchemist: Brotherhood 15th Anniversary Special Edition” is also showing. For those who don’t fancy anime, I recommend Japanese pure love dramas. Every scene is as beautiful as an Instagram photo in “My Sunshine”. In addition, there are many great Hong Kong films recently that are worth supporting, especially “Four Roads to Paradise”, which I highly recommend.
This article is a collaborative reprint from: TRUMP Coin Shakes the Market: Make Crypto Centralized Again
Opinion articles present diverse opinions and do not represent the position of “WEB3+”.