• 6 Posts
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Joined 2 years ago
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Cake day: June 15th, 2023

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  • This guy is missing a key point here, although he almost gets there:

    Crypto PACs have raised over $260 million, making crypto the sixth largest Super PAC, dwarfing any other industry-supported Super PAC (all the others are related to a particular party or candidate). But those donations came from just 50 individuals. That’s not a movement. It’s a small elevator lobby.

    Those 50 individuals aren’t necessarily the smartest people, or the most effective political leaders. They ran the right software at the right time, and now have system-breaking amounts of money. (When Bitcoin first came out, you got 50 BTC for finding a block, and could still do it on the hardware in your basement. That wasn’t even worth 10 cents back then, but is $5 million at today’s prices. And you find blocks every 10 minutes…)

    And in the campaign finance infrastructure that Republicans enabled after Citizen’s United, this gives these 50 people (and their spare horde of BTC) an unduly large influence on our politics.

    This is going to impact any Crypto legislation going forward. Anything that doesn’t directly benefit those 50 people will be at a severe disadvantage. And guess what? Our President is doing the job as a side-gig, he makes most of his money selling shitcoins.

    There is simply going to be no way to address Crypto regulations until Campaign Finance is addressed. Because until it is, the cryptobros will just keep shoveling money into our elections to get the outcomes they want.