After the FTX Implosion, it’s time to end Bitcoin’s dysfunctional relationship with Crypto

This editorial is by Tim Niemeyer. He is a Bitcoiner from circa-2018 and co-hosts the Lincolnland Bitcoin Meetup. “Bitcoiners are stuck in a dysfunctional relationship to crypto and we want them out!” Michael SaylorIn the midst of the FTX drama, a momentary clarity illuminated the Twittersphere. Michael Saylor’s words were the signal among the chaos caused by the dysfunctional trainwreck, unaffectionately called “crypto”. Before we can fully appreciate his insights, let’s first reflect on what makes this dysfunctional relationship or, in the contexts of couples therapy, a toxic one. Many people in the cryptocurrency industry were happy going about their lives looking at their relationship with money (trust and commitment, support, etc.). They were seeing their relationship with money (trust, commitment, support, etc.) in a positive light and ignoring the warning signs that it was not healthy. There are ups and downs in all relationships. There will be disagreements, but overall you have common goals and trust each other to look out for your best interests. It is normal to expect your partner to support you, communicate openly, honestly, and not control your behavior. This way of life is liberating and allows you to thrive. What if they’re dishonest? What if they start to show disrespect? What if they don’t listen to your needs? You can still hope for change but you feel exhausted, stressed, anxious, and depressed. You want to get out. You are desperate for a healthy, positive relationship that is not dominated by the comforts of your current relationship. First, admitting that there is a problem is the first step. Recognizing signs of a toxic relationship is essential.Photo by Girl with red head on Unsplash. Support can be shown in many ways when it comes to money. We can support each other by trusting that our counterparts will be looking out for our best interests. The biggest problem with cryptocurrency (defined here as anything other than Bitcoin) is the expectation of trust. It doesn’t matter if it’s FTX or Celsius or LUNA, it’s obvious that trusting centralized entities that control your value is essential. It’s a trust fall, where one person allows themselves to fall and relies on their friend(s), to catch them. How many times can you let yourself fall to the ground before losing trust? The inherent dishonesty of crypto continues to be exposed by the recent crypto fallouts. Investors are tricked into believing they have security in the relationship. It’s a form dishonest communication that is based on non-transparency, over-leveraged exchanges and a form of dishonest communications. The ability to control money allows for controlling behavior to be coded into systems, which can lead to increasing resentment within the relationship. If the toxic side puts their needs above yours, it can further strain the relationship. Some CEOs are motivated to leverage customers’ trust for their own gain by the need of their shareholders. This behavior of displaying negative financial behaviours is becoming more common in the cryptocurrency industry (again non-Bitcoin-only entities). As my father would say: We need to separate the wheat and the chaff at some point. Photo by Luca Bravo, Unsplash. The first step is to admit that you are responsible. You don’t have to be the one responsible for the situation, but you must acknowledge it and take responsibility for your actions. You can do this by investing in yourself. This article will focus on education in Bitcoin and understanding the unintended consequences associated with adopting a “digital fiat mindset” that is prevalent throughout the altcoins and centralized exchange markets. We can begin to heal when we stop blaming and start understanding. While the pain from recent events will be there for a while, it is our responsibility not to dwell on the past but to move forward with compassion. Next, you must be willing to be vulnerable once again. You can do this by sharing your self-love and calmly explaining to others the benefits of Bitcoin, self custody, and proof of reserves. Support can also be helpful for people who have been in a toxic relationship. The author believes that Bitcoiners should provide that support structure. Ironic that many of the most toxic Bitcoiners are also known as those trying to lighten the toxicity in the ecosystem. However, a “I told you so” doesn’t help in the healing process. This is the time to be compassionate and rise above. It is important to allow others to heal and change from toxic relationships of this nature. We can educate from a place where we are humble, but we must remember that “You can’t lead a horse to drink water.” Each person will eventually heal at their own pace. Some may never learn. Most of us have known a friend who has jumped from one toxic relationship into another. You may want to help them, but they must first decide to help themselves. Some people will continue to “Tinder around” with unhealthy cryptocurrency relationships. It’s their right. It’s up to them to decide if a friend wants to join the hookup culture. They must deal with the consequences of STDs. Demonstrate to them how trustlessness is the source of truth. Demonstrate the benefits of decentralization to democracy. Illustrate how immutability allows for a free-flowing, cooperative community. Michael Saylor recognized the toxic nature of crypto and the potential for it to spread. We must make a choice to create a bitcoin standard for ourselves and our families. These opinions are not necessarily those of BTC Inc.

 

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