An open letter to friends and family who are worried about the future of bitcoin due to the fiat business practices and subsequent collapse of FTX.
This is an opinion editorial by Heather Everdeen, a mother, Bitcoiner and lifelong learner.
Dear Friends and Family,
The thing I want you to understand about FTX is that these are fiat problems, not Bitcoin problems. Bitcoin is unaffected aside from its fiat currency exchange rate. The bitcoin price is impacted because of all the pressure on these exchanges and funds to sell their assets. Bitcoin is one of the most liquid assets there is; it’s easy to sell immediately when you have to. There is still a new block approximately every 10 minutes. Bitcoin keeps running, unaffected.
FTX was all about money, money laundering(?), power, corruption, trying to get U.S. regulation that benefits only those closest to the money printer. All while everyday people were chasing more empty fiat gains.
We cannot create a better world until we quit chasing gains based on dollars and start saving and planning for our future instead. I don’t know about you, but I want to build a better world to leave my children and grandchildren in the future. I am not OK leaving it to them like this.
All of these exchanges are houses of cards. Many more will collapse. While there will be more cryptocurrency exchanges, I’m really talking about all things fiat: banks and hedge funds, pensions, 401(k) plans, fiat companies, etc. I have no crystal ball, but I have seen the future. If I trust that vision, bitcoin wins. I believe it. We’ll see.
I’ve also spent the last five years and thousands of hours — probably over 10,000 hours now — studying money, the financial system, trading, currencies, the Federal Reserve, central banking, cryptocurrency, Bitcoin and better economics than the ones we’re taught in school — Keynes was horrible.
Though it may be annoying, I talk about it so much because I see what is happening and I want to help my friends and family. Our money and financial system was set up to be complex and confusing on purpose. They don’t want people to understand it, because if they did, they’d revolt. This is why the little guy gets scammed all the time. It was designed this way.
This monetary system is not sustainable and will fail. We will see it happen in our lifetime. It is happening right now.
There is another way: buy, hold and use your own bitcoin. Be your own bank. No middlemen, just you and your own money. Use the system that was designed to free people and not the one designed to enslave people. My “vote” is with my money. I vote to rid myself of these fiat chains and low-vibrational systems and be a free, sovereign being. I use bitcoin.
You should too.
This is a guest post by Heather Everdeen. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.