I landed in the cryptocurrency space, thankfully, already wielding a healthy sense of skepticism. That didn’t help that much, unfortunately, because I quickly got sucked in by the promises of Bitcoin.
I still relish in those promises. They’re glorious in a niche way: some semblance of privacy, a new ability to transact across borders, a non-national form of currency. But I’ve finally learned what true skepticism means and it’s taken a really long time to figure out.
This seems like a twist, but hear me out.
I’ve faced a slew of questions that I haven’t encountered since the bullrun of 17/18. People are suggesting I’m:
- a shill for stablecoins other than Tether
- trying to FUD (fear, uncertainty and doubt) the price of Bitcoin down
- bitter because of when I got out of Bitcoin
- attacking Bitcoin and other cryptocurrencies by questioning Tether
I feel the need to refute these claims, one-by-one.
- I am not being, nor have I ever been, paid by any stablecoin (or other cryptocurrency exchange, asset, or otherwise) to question Tether (or for any other reason). If you review my thoughts on Twitter or here regarding stablecoins it becomes clear relatively fast that I find issues with most, if not all, of them. I’ve written a piece specifically on TUSD and have mentioned USDC regularly. I have no incentive to discuss Tether other than I personally believe it to be the single largest systemic risk to the cryptocurrency ecosystem and know for a fact it’s the largest stablecoin.
- I am not trying to “FUD” Bitcoin and would never want to see the price of, essentially, any asset dramatically drop — because it means someone, somewhere is losing. I do not make price predictions because a. I think they’re stupid, and b. I never, ever want people to look to me for financial advice. The price of Bitcoin isn’t something I check regularly because I’m not invested and it doesn’t make a difference in regard to the assets I focus on.
- It’s impossible to prove a feeling but here’s honesty: I’m quite proud of my friends on Twitter and irl who have turned a profit in cryptocurrency. I’m always happy when friends win. I also have no intention of buying any cryptocurrency so long as I’m writing about it (unless it’s $100 or less to learn with) because I believe it alters the ability for one to be objective. I’m sure there’s plenty of brilliant writers who would disagree with this, and that’s okay — simply a personal preference. I got out of all my cryptocurrency investments in early 2018 and I don’t regret it… It’s given me a ton to write and think about.
- Tether and Bitcoin are so obviously different that it’s difficult to wrap my head around why I have to address this. I question Tether because it’s opaque, centralized, enormous, and run by a slew of shady characters. That does not in anyway translate to an attack on Bitcoin.
Now that we’ve moved past this, here’s what I’ve learned:
It isn’t rude for anyone to ask the questions I’ve answered above. It’s fair to be skeptical of my, or anyone else’s, intentions — you should be! Just as you should be skeptical of Tether, or FTX, or any entity telling you a story. We all have biases and incentives, we all want something, good or bad.
While “I enjoy writing about fraud and find cryptocurrency fascinating,” probably sounds invalid, it’s the truth. I don’t know what else I can say about that.
But healthy skepticism means questioning both sides and it’s truly what cryptocurrency is supposed to be built on. “Don’t trust, verify.” This means read articles, and read articles to confirm those articles, and watch documentaries, and GO TO PLACES if you can. Verify, verify, verify.
I’m proud of skeptics and a lot of the people I interact with in the cryptocurrency space. I think many are aware of the risks involved — whether it be with Tether, trading on centralized and questionable exchanges like Binance, or knowing that some sh*tcoin can go to zero — and a lot of individuals make their decisions knowing those risks. Ultimately, as a skeptic, that’s the most I could possibly ask for.
I just hope more people begin to think like skeptics do.
Stay skeptical, friends.