Crypto Is Dead, Long Live Crypto

By Mike Hobart

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Jeering for the SEC’s actions against crypto is not a pure matter of statism. Bitcoiners’ cheering-on of recent legal actions is more a matter of a pending reality check, than necessarily applauding regulatory systems. These projects were devised in a time and place where securities law has existed for decades and by which all participants are held accountable. Bitcoiners’ cheering is merely an elation for individuals and organizations finally acting on an authority and legal action that they claim to take seriously.

Many of us would much prefer for markets to be of a freer nature. Which, for those of you who have not considered, would be a landscape that would allow for these scammers and grifters to be capable of proliferating, spreading, and surviving much more than even regulated markets. I elaborated on this reality in a past essay on my personal substack here. Free markets can be self-regulated, yes. But, if the weeds overtake the ecosystem, the ecology can be brought to its knees; meaning a reset of potentially egregious proportions is necessary in order to start from a clean slate.

Personally, I think it’s about time that these farces of regulators take action. They said they perform a policing job; if you’re a cop I expect you to act as such. Do your job. It’s also important to recognize that weeding a garden is only temporary. Weeds are weeds and their efficacy in spreading their seed, and the resiliency of their methods for proliferation, keep their segregation only temporary. Meaning; crypto will not be done. It will come back. And scams will continue.

If you’re a bitcoiner and you’re roaring for a purifying flame, you are going to be perpetually disappointed. I don’t like it, but we all live in reality.

We are bitcoiners, we don’t aim for utopias.