In this RealVision episode, Ash Bennington speaks with journalist and host of the Coin Stories podcast, Natalie Brunell. They also cover the latest developments around FTX and Sam Bankman-Fried, the White House urging Congress to regulate crypto, and South Korea's plan to track crypto transactions.
Read our notes below to learn more.
White House Talks Crypto Regulation
Natalie
There is a big difference between Bitcoin which is digital property, digital commodity, and crypto.
Bitcoin is a technology that’s engineered to fix a lot of problems with our current monetary system.
We really need to get the education out to policymakers, we know that they are busy but they can’t propose legislation about the space they don’t fully understand yet.
It took her years to fully understand Bitcoin.
Bitcoin is a form of money that is truly decentralized, and cannot be manipulated, inflated, or ever confiscated from you.
Bitcoin is something that I see as the long-term in both investments, as well as not just a hedge for inflation but a solution to inflation.
Over the last 10 years, it outperformed every single asset.
Bitcoin network is stronger than it had ever been and its adoption continues to grow.
She rather has an asset that is short-term volatile going up over the long term, than a stable asset in the short term that’s going down in purchasing power over the years.
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She thinks that the dollar is going to survive for maybe longer than even the most bearish people on the dollar think.
Spend your dollar, and save on Bitcoin.
FED has tightened at the most aggressive rate than they ever have.
She thinks that everything from the CPI and GDP doesn’t reflect the real economy.
SBF Latest
Federal prosecutors want to modify Sam Bankman-Fried’s bail conditions and prevent him from speaking to current and former employees of FTX and Alameda.
Prosecutors claim that Bankman-Fried message a current witness, as well as FTX U.S. General Counsel Ryan Miller.
Australian regulators seem to have raised concerns about FTX months before it collapsed.
Bitcoin Roadmap about functionality, security, speed, and transactions
She encourages people to watch Lightning network.
Bitcoin Lightning is the second-layer protocol that allows for cheap and fast transactions.
They don’t happen on the Bitcoin blockchain, they’re settled with lightning nodes.
Even in the bear market people are building and people are trying to get Bitcoin into the hands of the people.
Strike has partnerned with Bitnob. They’re going to facilitate faster payments through Lightning in Africa.
FediMint is a protocol that allows for basically group custody with trusted custodians.
Bitcoin will empower a lot of communities and a lot of people around the world.
She believed that part of human dignity is to have hope for the future, that your life is going to be better.
Q&A
Q: It is possible that one or more bankruptcies could be settled in the next few months likely resulting in many creditors getting pennies on the dollar. How could this be good for the Bitcoin ecosystem?
We’re seeing some of that healthy cleansing that happens when you have a fire in a forest that takes off the weeds and you finally see what can actually grow and become more robust and sustainable over the long term. It is really painful for the retail investor that got suckered in.
She believes in Capitalism, the risk is rewarded and it’s also punished. In crypto, it really is this wild, wild, west more capitalistic industry where it fails you might not see your money back. Personal responsibility is very important.
Q: How did the stock market drawdown differ in the 2years?
The growth stocks just plummet lower than Bitcoin drew down. A lot of these changes have not happened since 2008 - 2009. Before Bitcoin hits its all-time high it was actually stocks that rally first.
Q: How would you assess the quality of crypto journalism specialist crypto sources versus mainstream media sources?
Natalie thinks that the crypto journalism industry and the media industry are the ones that followed and broke the FTX news first.
Mainstream media have some work catching up on the knowledge level that people within the space have.
She sees few but overall mainstream media does not have a good understanding of what is Bitcoin, and crypto and their differences and existence.
Q: Does the space needs a bigger lobby so the government can get educated knowing the SBF story?
We need to do our best to teach politicians about the space. Help them differentiate between Bitcoin and crypto. So many people lack a fundamental understanding of economics, the history of money, and the business cycle. She doesn’t want to see Bitcoin being politicized. Lobbies sometimes make her worry.
Q: Do you think there will ever be a Bitcoin-based stablecoin?
She doesn’t see why there would be a need. She believes that the dollar is going to live on for some time and people will be using stablecoins as that rail. Bitcoin will be the stablecoin if it gains the adoption that we expect.
Q: Are you concerned that the Bitcoin blockchain generates little fees due to low usage? Do you think that there may be a risk of minor capitulation when miners depend on fees especially after all the coins are mined?
For now, she chooses to channel her energy and attention elsewhere because she thinks that those problems will be solved along the way, so she doesn’t has a great answer to that right now.
She thinks that what we have seen is a lot of the miners have been strained, especially because the price has been far lower for a lot longer than many of them expected.
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