Are Bitcoiners Losing Sight of the Deeper Meaning of the Bitcoin Revolution? Is It Time To Take an Interest in Monero?

Have Bitcoiners who rejoice at the arrival of Wall Street giants in the Bitcoin world lost their minds?

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Just this once, I'm going to start this article with a quote from someone you know well:

“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy and trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.”

You may have recognized the pen of a certain Satoshi Nakamoto.

When I say you know him well, that's an abuse of language. The identity of Satoshi Nakamoto remains fortunately unknown, which makes Bitcoin anti-fragile.

On the other hand, you'll be familiar with the name “Satoshi Nakamoto.”

Satoshi Nakamoto published these few lines on February 11, 2009, in a message posted on the P2P Foundation mailing list. Just one month after the launch of the Bitcoin network, Satoshi Nakamoto was explaining why people needed Bitcoin.

Bitcoin was designed to give the power of money back to the people by removing governments and bankers (central or private) from the monetary equation. With Bitcoin, the people once again have access to hard money that belongs to them.

If Satoshi Nakamoto is still alive, what does he think today about the fact that so many pseudo-Bitcoiners are so enthusiastic about the arrival of global financial giants in the Bitcoin world?

It's a question I've been asking myself frequently in recent months.

Yesterday, I explained the 4-step plan that BlackRock, Fidelity, and the other Wall Street giants are following to convince the general public that it's in their interest to buy Bitcoin via their financial products and not directly.

BlackRock and the other Wall Street giants are preparing to attempt to steal the Bitcoin revolution from the hands of the people. In the face of this major risk, too few Bitcoiners are speaking out to say that the challenge is immense to turn this impending arrival into a positive opportunity to accelerate the mass adoption of Bitcoin while respecting the deeper meaning of the Bitcoin revolution.

While many Bitcoiners are at pains to point this out, fans of a digital currency built from Bitcoin's source code are quick to point out the contradictions of so-called Bitcoiners.

These people are fans of a project I've already told you about several times in the past: Monero.

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Monero is a kind of Bitcoin to which features have been added as a standard to protect your privacy more strongly. Monero doesn't have the liquidity or utility of Bitcoin today, but its fans have always said that Monero is what Bitcoin should have been.

In August 2010, Satoshi Nakamoto himself spoke about the features that were later implemented as a standard in Monero:

In what follows, I'm going to give you a more detailed insight into Monero and its privacy features.