Crypto Companies Taking PPP Bailouts - Blockchain Posers Exposed

in #altcoin3 months ago

Hey Jessreal deal

As you all well and truly know by now, that I am a huge Bitcoin bull, I think it's the world's best chance at achieving sound money, and the more I learn about it, the convinced I am on that fact. Since Bitcoin's rise to prominence, there have been pretenders, fakers and scammers trying to chip off some of BTC's value but when you have the best defence in the crypto game, no ones going to get past you that easily.

If you take a look at sites like @coingecko it's filled with thousands of coins, and most of them are total pieces of shit, this we know, and they don't harm anyone. When a shit coin is open about it being shit, it can work, as in the case of dogecoin, it's not seen as a shit coin because its the king of meme coins.

However, these alts that take themselves seriously and think they have a shot at taking on BTC, it's an absolute joke, they are nothing but the fools gold of crypto.

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BTC is against bailouts

Bitcoin was launched as an attack on the banking system and a direct response to Obamas TARP bailout in 2008. It's even mentioned in the Genesis block; Satoshi is against bailouts and the artificial support of lousy capital allocation.

So by that ideology and the aftermarket that Bitcoiners advocate wouldn't it be surprising to think that crypto companies would take bailout money from the government?

I would think so!

The proof is in the PPP

Since the lockdowns have hit the US, their government has given out two rounds of PPP loans totalling $659 billion through the Small Business Administration.

The loans are entirely forgivable if the funds are used for payroll costs, interest on mortgages, rent, and utilities. At least 60% of the forgiven amount must be used for payroll.

You'd think that this could go to traditional zombie companies who need capital to survive, but to my surprise, 75 crypto companies in the US received these loans. You can find the full list here

You don't believe in crypto

I believe crypto is a space where we can all have a difference of opinion and debate the merits of a new system and government. But when you openly stick your hand out and say I am entirely corruptible.

I'm not willing to stick it out, though it out, I don't believe in crypto and want a hand out for my work, then do you believe in anything remotely crypto? Did Satoshi take a hand out? Did Satoshi need a bailout?

No, so sack up or shut up! If you're accepting a bailout, what else are you willing to accept? Backdoors into your code? Government access to your data? The censoring of transactions?

Sorry, not going to risk that, I'll stick with Bitcoin thank you very much.

You're a poor capital allocator

Oh, but we were going to run out of money and the project would die. Well, then it should die, because it either has no product/market fit, better projects are competing with you or you're project is highly inefficient and burns through far more than it makes, which makes you a zombie company.

If that's the case, let it fail, let the community take over your source code and move the fuck on because all you re is a waste of space and capital.

You're in it for the fiat

There are many people in crypto who are in it for the fiat, they see the arbitrage and trading options or they see the space getting investment and jump on board. They don't believe in building anything worthwhile just sucking up some of the capital sloshing around in this asset class as we all try to figure it out.

I don't mind if that's your goal but then don't pander to the community like you're some sort of freedom-loving, privacy advocating, individually sovereign member of the crypto community.

This space is about honesty, nothing wrong with being in it for the fiat, just don't use the narratives held dear in this space to leverage peoples money and support under false pretences.

No need to defend your decisions

I believe in crypto, I believe in freedom of ideas, but I'm so tired of people gaslighting obvious bullshit projects and companies, and we all give them a pass because well they in crypto with us.

If you can't be critical of a project then what's the point of getting into crypto, but then again, we talk with our money in this space, so there isn't a need for a debate in the end.

If you are invested in these coins and companies, then there's no need to defend them. Honestly, I couldn't care less. When these project shit the bed, all they do is make my BTC worth far more. Bitcoin is a black hole for misallocation of resources, so if you don't know how to compete, you will be absorbed by the king of crypto.

Have your say

What do you good people of HIVE think? Will BTC eventually expose these failed attempts eventually?

So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."

Let's connect

If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase

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Name some names! - what do you think are the biggest shitcoins in the top 100?

Gosh, top 100? I could barely make it to through the top 20

Apart from BTC, ETH and Monero, I can't see the rest of the top 20 existing in a few years

They are all a gamble, but I also have hopes for Hive, Cardano, and Dash.

Dash has a good community, some smart devs and some integration in Latin America as well as adoption with a lot of payment services I get that one.

IMO Cardano, is an overhyped nothing coin that's been bragging about its roadmap and delivered nothing for years. The project has been running for so long and they have no business model, yet they took PPP loans? I can't back something like that

This week I've just made a killing on it - yeah it's dodgy but it's up to something - check this bullshit out:

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https://en.cryptonomist.ch/2020/07/06/kanye-west-coin-cardano/

That's pretty impressive but when I see things like Hertz stock go up 500% after declaring bankruptcy lol I know I don't trust markets price discovery

I think OMG will still be around if we consider the adoption of it in the real world. It even enters the taxi market in Singapore to reward taxi drivers that use it while driving around and consumers who use it to get a cab. I agree that Bitcoin is still the boss since it goes up or down, almost all cryptocurrencies follow.

!tip

I don't know too much about OMG and how its set up or their cash flow so I can't make a judgement on it. As for the taxi industry, its getting obliterated now, if we look at SoftBank's vision fund you can see it's not a good time to be in that space, they own quite a bit of shares in various taxi and ride-hailing services

I like alts don't get me wrong I just think they all talk too much and do too little, especially for the valuations they have

I think it's good to be able to be able to critique a project with objectivity, including a crypto one. And yes, who is in it for the money should not pretend they are all for the freedom.

Lol I don't keep my mouth when I see something fishy but I'm always open to hearing peoples arguments, but a lot of this space is people gravitating to a project and gaslighting it because they either have stake or they're getting kickbacks. I find the best way is to pressure people they often slip up and true intentions become evident

Uuu yeah. Pressure reveals stuff. It is the fast forward towards the hidden truth

Lol pressure makes diamonds or dust :P

Uuu you're so right. I am remembering this line, is good😊

This exactly is one of the reason I joined Hive. To learn and broaden my horizon on certain topics. I believe in absolute honesty. Thank you once again. Really enlightening.

Totally, getting information unfiltered is the best way to learn to calibrate your own filters, honestly hurts and its awkward but people need to get over that

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