I don't like to put names in my blogs, but I feel this warrants attention. YouTube shill Digital Asset News is spreading dangerous information that custody of private keys is not something crypto holders should be worried about. Nothing could be further from the truth. As I've stated before, if there is too much value in the purview of the US government and irresponsible companies within US regulatory pressure, the country use that opportunity to confiscate the bitcoin. The network becomes vulnerable at that point, as the government could literally regulate a wrench in the system through a 51% attack, price manipulation or simply blacklisting bitcoin that doesn't come from a whitelisted custodied address.
He states his opinion even with knowledge of past US gold confiscation. I truly don't see how this logic works. In the same video, he weirdly says he can't promote a product he liked because it applied to EU citizens, not US citizens. Huh?
This kind of misinformation moving about in the crypto space is dangerous for us all. It's especially dangerous for US citizens, because that's the country most inclined to try to regulate crypto out of existence. Although there are crypto enthusiasts in the Senate, there is also a huge enemy in the form of Brad Sherman. Who knows what kind of support he'll be able to drum up if people listen to Digital Asset News and mistakenly believe that bitcoin and all crypto isn't vulnerable from what I call "custody attacks."
Bitcoin Decentralization
Bitcoin is the most decentralized major crypto we have. For now, even quantum computers cannot crack the network. This is great news for the short term. In order to maintain this type of security for the future, we can't be stuck in the present. We have to look at what bitcoin's enemies could do to it in the future.
Although bitcoin cannot be technically censured, it can be practically censured should its value become too far centralized. If the majority of bitcoin's value falls into the custody of institutions with a reliance on government regulation to exist, the government basically owns that bitcoin. At the point which they own a majority of the value, they can easily manipulate price or indirectly attack the network to reduce the value of any bitcoin that is outside of a whitelisted set of addresses. We've seen this happen over and over again with many projects. I really don't know why more people aren't addressing it to keep it from happening in the relatively near future.
Bitcoin is still the best chance we have at true decentralization. Other projects such as Ethereum have tried to hold true to Satoshi's vision, but so far they have failed. And I have seen way too many projects opt for centralization for a quicker rollout and greater adoption to try to capture more venture capital and retail crypt investor funding. These projects don't have to be scams in order to be scams, if you know what I mean.
Why Digital Asset News Cannot be Taken Seriously
Digital Asset News and those like him are far too focused on the quick adoption of bitcoin so that they can quickly see rewards from their holdings from 2017 and 2018. They champion quick adoption to the detriment of technical optimization and public education on the true advantages of crypto — namely, personal sovereignty and a real say in the politics of the world through economic freedom. These goals, originally detailed by Satoshi, seem to have been lost in the sauce when filtered through these "average American citizens" who don't have any larger goals in life than to live it comfortably and make sure their kids have a leg up on everyone else's. Noble, but only to a point.
The ability of crypto to completely change the moral philosophy of the world still exists. We can't let the narrative fall into the hands of the current crop of YouTube shills. Mark my words, if they are allowed to lead the political discussion of the new retail investor buying into bitcoin, then the political advantages of financial decentralization will be lost. The wonderful tools that Satoshi left us will eventually fall back into the hands of an oligarchical cabal, and we'll be right back to square one.
What's more, all of that comfort that these shills wanted to ensure for their children will be lost as well. I've heard many of these YouTube shills espouse the cynical view that they are here solely for profit and to create comfort for their families, possibly at the expense of everyone else and even at the expense of the greater vision of freeing humanity from a pyramidal structure of existence. How cowardly. I had to say it. No one else is.
For those of us who still maintain that profitability and philosophy or not at odds with each other, please help me take the narrative from this current crop of YouTube shills. We are about to enter a new generation of crypto in 2021. This will be the generation that decides the direction of the market — one of short term profitability for a few or freedom for the whole of humanity.
