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Opinion articles present diverse views and do not represent the position of “WEB3+”.
Approaching the end of the year, I had planned to take a week off from writing. I had already planned to reuse the content of the new book for this week’s environmental protection and recycling. I even planned to go alone to watch “Attack on Titan” with a poisonous L attitude. Unexpectedly, Trump recently released TRUMP Coin, causing a tremor in the cryptocurrency circle. I had to change my plans temporarily and work late into the night.
Don’t misunderstand me, I’m not excited about the event, and don’t think that I will suggest the timing to buy or sell. On the contrary, my strongest feeling towards TRUMP Coin is helplessness, and the words I want to say the most are speechless. Instead of saying that I didn’t speak up, it is better to say that I feel responsible to make a statement on this event.
On the Saturday night just passed, I held a sharing session for my new book “Buy 100 RMB worth of Bitcoin Every Day: A Four-Year Record of Dollar Cost Averaging” at the bookstore. During the Q&A session, a reader raised a question: blockchain and cryptocurrencies were originally meant to be decentralized, but why is it that they only allow the rich to make more money and reinforce the existing order? If I had known that on the same day, on the other side of the Earth, TRUMP Coin was being released in an extremely centralized manner, instantly creating 7 billion US dollars out of thin air, maybe my response at that time would not have been so full of vitality, defending blockchain with righteousness.
Does cryptocurrency strengthen the existing order?
In response to the reader, I clarified that reducing wealth disparity and decentralization are not the same thing, although they are both good things. Indeed, if the tokens of a blockchain are overly concentrated, such as someone controlling one-third of them, it would threaten the decentralized ledger. However, if it is just a moderate level of wealth inequality, it does not pose security vulnerabilities such as easily tampered data.
Secondly, I also do not believe that those who have become wealthy due to blockchain-related technologies are all beneficiaries of the existing social order. On the contrary, many billionaires still do not know or recognize Bitcoin to this day. Warren Buffett is the most well-known example. As for Hong Kong, we have also discussed how Bitcoin is being mystified and could be banned at any time, as expressed by Francis Fong of the Hong Kong Information Technology Federation. On the other hand, the founders of Ethereum, Vitalik Buterin, Binance’s CZ, Tron’s Justin Sun, and countless other examples, were all unknown in the old economy, clearly reflecting that the wealth generated by blockchain and cryptocurrencies does not necessarily all end up in the hands of the rich (the above purely discusses wealth distribution and does not represent recognition of individuals in specific industries).
I do agree that most of the people in vulnerable positions have not improved their lives because of blockchain and cryptocurrencies. However, even if blockchain provides an opportunity to reshape production relations, narrowing the wealth gap has never been its mission. Traditional economies are filled with various barriers such as capital and relationships. Even if there is a very cheap piece of land in front of you, you may not be able to afford to buy it for a hundred million. Even if you know that there is a large budget for national security, you will never have a chance to earn that money.
On the contrary, cryptocurrencies do not discriminate against those who lack funds and come from humble backgrounds. Participants do not need approval, and even if there are any thresholds, they are only related to knowledge. This kind of threshold is fair, whether you are from a noble background or a lower class, you have to learn. The opportunity to escape poverty must be grasped by oneself. As long as you are willing to learn, even the humblest of people can change their life trajectory through cryptocurrencies. I am fully aware of this because I was once one of those humble people. That’s why I have always insisted on open access to educational content—I don’t want anyone to lose the opportunity to access information and knowledge because they are disadvantaged from the start.
This also applies at the national level. Bhutan, as the world’s only carbon-negative country, cannot receive the necessary support in the game between nations or the support of major countries that severely damage the environment. Instead of selling surplus electricity at a cheap price, Bhutan uses hydroelectric green energy to mine cryptocurrencies. As a result, it has become the fourth-largest holder of Bitcoin in the world, with more than 12,000 Bitcoins worth $1.2 billion, accounting for 36% of its GDP. Another well-known example is the small country of El Salvador, which has recognized Bitcoin as a legal tender alongside the US dollar. Although it is too early to say whether it can escape the influence of the US dollar, the fact that Bitcoin alone provides an opportunity for a turnaround is unprecedented and immeasurable.
Trump’s “Spirit Orb”
The media has popularized a saying: the previous bull market was driven by Tesla’s support for purchasing cars with Bitcoin, and this bull market is driven by Trump’s campaign platform and subsequent election.
Such reports attribute the results to the actions or even words of one or two individuals, completely ignoring the efforts of the cryptocurrency punk movement over the past few decades and the efforts of the entire industry. This is very ignorant, and I cannot agree. It’s like in the comic book “Dragon Ball,” where Goku, Gohan, Vegeta, and other heroes have gone through countless hardships, sacrificed their lives to save the Earth, and then the media believes what Mr. Satan said, making him the savior of the Earth who single-handedly saved it. Both scenarios are equally ridiculous.
Celebrities are good at taking credit for themselves, and the media loves to simplify complex events into dramatic headlines. If it weren’t for speculative individuals who blindly believe or simply don’t care about the facts and believe that making money is the only truth, such one-sided discourse would never become mainstream.
In the previous bull and bear cycle in the cryptocurrency market, there were many instances where a single word from Elon Musk led to a skyrocketing of Dogecoin’s price. Recently, this richest person has gone even further, entering the cabinet and establishing the Department of Government Efficiency, making himself the “founder” of DOGE. However, even if you don’t appreciate this approach, at best, it’s just taking advantage of the situation. At least Dogecoin is still relatively decentralized, with tokens scattered among a wide range of holders and miners. Musk cannot hold too many tokens and cannot influence the minting logic of DOGE.
On the other hand, the newly issued TRUMP Coin is “minted” in the most centralized manner. According to the official website gettrumpmemes.com, the total supply of TRUMP Coin is 1 billion, of which as much as 80% is held by the “team” and will be released over three years. Even the remaining 20% is used to provide liquidity, and only 10% is publicly available for sale. Apart from the extremely concentrated holdings, the total supply, usage, governance (if any), are not decentralized at all and are even more centralized than central banks issuing legal tender. The only slight connection to decentralization is that it uses the Solana blockchain for ledger keeping, and as long as holders use self-managed wallets, authorities have a hard time freezing their assets. I have previously written about the “de-decentralization” of blockchain, discussing how Eastern powers have assimilated blockchain into state-owned systems. I never expected that a few years later, it would be the president of a Western power who would blatantly “de-decentralize” cryptocurrencies.
You may say that minting coins is exactly what I have always advocated and even argued for as a citizen’s right protected by the constitution. Trump issuing TRUMP Coin is the best example of utilizing blockchain and memecoins, right? But it’s not.
The democratization of minting coins aims to provide citizens with diverse choices and allow individuals to issue tokens to interpret value or function, extending freedom of speech and empowering the general public to counterbalance authoritarian systems. However, just as police officers with legal ownership of firearms must undergo stricter supervision than ordinary people, politicians who hold public power and have access to asymmetric information should be subject to corresponding constraints to prevent abuse of power. In Hong Kong, where democracy is lacking, officials who are not held accountable before they take office, like former Financial Secretary Antony Leung, were forced to step down for buying a car ahead of tax increases. On the other hand, in the democratic United States, the term “conflict of interest” has completely disappeared. As the lawsuit regarding whether cryptocurrencies are securities is still being processed, and the legality of issuing coins, especially by officials, has not been clarified, the president issues coins in an extremely centralized manner just before taking office. Such an interpretation of the democratization of minting coins, and the enthusiasm of the people’s participation, leaves me feeling helpless.
The issuance of TRUMP Coin is like Mr. Satan raising both hands, asking the entire human race to surrender their energy and help him “FIGHT FIGHT FIGHT” to save the planet. If you believe that Mr. Satan will use your energy to save the Earth and willingly support him with cash, I respect your political stance and spirit of dedication. Even if you only seek to buy low and sell high, I also respect your freedom of choice. After all, even buying lottery tickets and betting on horse races are allowed, and speculating to make money is understandable.
However, if you think that TRUMP Coin has anything to do with the spirit of the cryptocurrency punk movement, that is undoubtedly a beautiful misunderstanding. The fact is that the true heroes behind Mr. Satan, such as Tornado Cash, which uses cryptography to protect asset privacy, have either been imprisoned or are currently awaiting trial. Many other web3 entrepreneurs are working diligently to build for the public interest with a vision beyond national sovereignty, and there is little time left for them to bask in glory because we all understand that we are still far away from the widespread adoption of cryptocurrencies and the creation of a world that helps protect citizens’ rights. The road is long and endless.
p.s. Someone mentioned in a chat that they missed TRUMP Coin, but I don’t think it’s a big deal. The other person thought I was being self-righteous, but the truth is, I don’t mind making money, I even like money. It’s just that I know that during the same period, I also missed out on the lottery, horse racing, and football matches. If I lamented every missed gambling opportunity, I would make myself too busy. Why not take the time to watch a good movie? In addition to “Attack on Titan: The Last Attack” theatrical version, “Fullmetal Alchemist: Brotherhood 15th Anniversary Special Edition” is also being shown. For those who don’t like anime, I recommend Japanese pure love films. Even a random screenshot from one of them looks as beautiful as an Instagram photo, like “Your Name Engraved Herein.” In addition, there are many excellent Hong Kong films recently worth supporting, especially “Four Trails” which I highly recommend.
This article is a collaborative reprint from: “TRUMP Coin Shakes the Earth: Make Crypto Centralized Again”.
Opinion articles present diverse views and do not represent the position of “WEB3+”.