Crypto is winning and Bitcoin diehards are furious about it
On the last day of the Bitcoin 2022 conference in Miami Beach, comedian Donnell Rawlings starts his routine by noting there are a lot of white people in the audience and then asks if we were involved in storming the Capitol on January 6th, 2021. He’s just warming up. “I’m at a Bitcoin convention, and I don’t even know what the fuck a Bitcoin is,” Rawlings says. “I don’t know nothing about crypto, but I know some of the bangingest parties I’ve been to is some crypto parties.
I’m at Miami Beach, in weather so hot and humid it feels like being inside a mouth, to try to get a sense of the vibes. I’m uncomfortable because of the heat and also the flashes of antisemitism. Tucked in the back of the expo floor, a painting for sale shows Tintin in a brown shirt with a Bitcoin logo on his sleeve, making a Sieg Heil salute.
DAOs — decentralized autonomous organizations — are not possible with Bitcoin. Like NFTs, they’re on other blockchains. Bitcoin’s concerns are narrower: it was born in response to the financial crisis as a way of disengaging from the traditional financial system. For a long time, it was a place where fringe ideologies were normal, even dominant. But now the rest of the world has arrived — but in, not in Bitcoin.
When the panel ends, I am no closer to understanding the use of cryptocurrency in wartime than I was when I entered the room — except that, as far as these men are concerned, the existence of other crypto constitutes a war on Bitcoin.Jordan Peterson, Jungian prophet of manhood, is one of the most-anticipated keynote speakers at Bitcoin 2022. Peterson, who wears a pinstriped three-piece suit, does not seem excited despite receiving a standing ovation as he walks out on stage.
Thiel suggests that Bitcoin is kind of like gold, and Ethereum is kind of like Visa. “Bitcoin has every potential to replace gold,” he says. “The question is why it hasn’t done so yet.” A friend tells me he passed by Fox News personality Tucker Carlson in the conference hallway, talking with Nic Carter, a general partner at Castle Island Ventures. Carlson is listening, head tilted, as Carter argues that criticism of Bitcoin’s effects on the environment is overblown.
Judging Bitcoin on its energy use is “a crazy concept,” according to Amanda Fabiano, the head of mining at Galaxy Digital. “We focus so much on the energy narrative, and we shouldn’t,” she says while sitting on the panel about Bitcoin energy narratives.Traditional finance Even some of the parties seem opposed to fun. I pop by the Versace Mansion for a party hosted by Paxos, a blockchain infrastructure company.
It’s too loud to really have any kind of conversation. Several people manage to sneak hits on their vapes. The DJ encourages everyone in the club to put their hands up, then spins Will Smith’s “Miami.” The tension between crypto writ large and Bitcoin itself wasn’t the only thing that made Bitcoin 2022 so strange
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