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Probably, and that’s terrible news for altcoins. The man is clearly a bitcoin advocate from not only his erstwhile words, but he also taught bitcoin and blockchain courses at MIT when he was a professor there. There’s probably nobody in the Federal Government that knows blockchain better than him. Which also means he’s well aware of rugs, pre-mines, proof of stake, stablecoin shenanigans, VC smash and grabs, and most importantly, what decentralization in name only means.

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https://preview.redd.it/huptt4givr481.jpg?462&format=pjpg&auto=webp&s=f2627e9c5993de0d895e0b1c341bea23c2c759ba

The Hangman

When he dispatches the cease-and-desist letters, sues, and brings on FINRA to sheriff the stablecoin market, bitcoin is going to pivot and diverge from “crypto” in a very dramatic way. The largest stablecoin whom’s name starts with a “T” has done bitcoin no favors. Mainstream talking points will have you believe it somehow provides BTC liquidity so it can “pump”. No. It’s a horse thief. What it does is provide the moonshine for leverage, the harlot for hyper fractional reserve lending, and a the playing cards for people to gamble amongst themselves with.

I'd like to add there’s a robust yield curve slowly growing around bitcoin; it’s very young, hardly visible yet, and both custodial and non-custodial. The stablecoin horse thief even took our source of manure to feed this yield garden. The sooner he's ridden down and hung the better.

Trail of Tears

u/mimblezimble had this wonderful post here about why scriptless script will eventually kill layer 1 blockchains, especially the biggest one beginning with the letter “E”. I’d like to add to his thesis that Zk’s will reach full composability as well. All of this stuff more or less foreshadows technological independence and a coming moment whereby all the L1 taxation gets dumped in Boston Harbor. Kings are not needed anymore to dictate to their colonies who to worship and how much to pay. This could in some telling usher in the Decentralized Autonomous Organization era. And I bet their treasuries get gold bricked with bitcoin.

So what the hangman Gary Gensler is about to do is only speeding up the inevitable anyway folks. It’s best people’s necks break and their feet thrash in regret above the ground now. No need to let another global trillion dollars and some poor kid’s Christmas money find its way into Charles Hoskinson’s social token, or Vitalik Buterin’s tokenized orgy of swaps, wraps, burns, mints, and stakes. Posterity deserves better.

https://twitter.com/HODLneverSODL/status/1467573571312570370?s=20

DeFi will naturally grow itself around a global stateless money. You can’t have DeFi or Web 3.0 until the world’s money has been replaced, and neither DeFi or Web 3.0 will require tokens. Bitcoin is the one-dimensional propspect with a paradoxical simplicity and sophistication that can absorb the the world’s cumbersome, complex, and corrupt monetary system.

So after both of Gary’s six-guns sing, let’s get those bodies underground so we can enjoy some sour mash and a good laugh.