At this very moment, conference attendees who are in town for the 2022 bitcoin conference in miami are lining up for the sound money music festival for a day of fist bumps and beats.
With the trading end of the annual crypto event now on the exchange, here are some final thoughts and reflections on the historic bitcoin conference.
Reading: Bitcoin miami ethereum
final thoughts on bitcoin miami 2022
You wouldn’t necessarily know based on lackluster price action, but all of last week and into the weekend was bitcoin week in miami, centered around the annual btc conference at the miami beach convention center .
great things were happening for the first cryptocurrency. the consensus in the disappointed community is always that there should have been bigger announcements. however, there was much meaning below the surface of the program.
“a feature, not a bug”
putting things in perspective, during the show billionaire peter thiel said it best. The fact that so many executives, entrepreneurs and investors have come together to form a network that does not have a CEO, a marketing team or any kind of official entity behind it, is unprecedented.
Bitcoin is for everyone and that has never been clearer. it is up to the community and the network itself to promote the community and the network. without satoshi as a target, all failure points were eliminated. But without a company bottom line, a board of directors, and a huge marketing budget, bitcoin-related announcements are left solely to those who build on or around it.
bitcoin, not shit coins
Even at a bitcoin-focused event, maxis showed a lot of respect for ethereum. but there was still a deep disdain for shitty coins in its entirety. The message came from billionaires like Ricardo Salinas, the third richest man in Mexico.
the message also came from uber drivers, hotel concierge, waitresses and more, who were eager to share that they each had a sizable wallet of shitty red coins, but rarely owned btc. everyone knew exactly what bitcoin was. meanwhile, the variety of random altcoin names they mentioned reads like the island of misfit toys.
btc is freedom
As an American who flew from one US airport to another in just a few hours and thought nothing of it, hearing stories of a 13-year-old North Korean woman sold into sex slavery but who escaped through China is revealing and heartbreaking.
In the developed West, money, banking, credit and debt have all worked well for the last few decades or more. elsewhere he has not been so lucky. oppressive governments block the flow of information and control citizens through their money. life savings are taken or lost with a snap decision by a central banker without a second thought as to how long it took an individual to accumulate wealth from him.
Central bankers are society’s nightmare. what began as a valid attempt to boost economic growth, monetary policy has made regular wages unbearable. it has created a huge wealth gap and created inequality globally.
Consumer prices and energy costs are rising, and saving money is a systematic way to see at least half of its value degraded in a generation. Bitcoin may not be ready to be the perfect store of value just yet, but if you compare the last ten years of BTC’s purchasing power against the dollar, the results speak for themselves.
regulation is coming
The dirty word was used a lot throughout the conference: regulation. Some see it as the beginning of a battle between the cypherpunk spirit and the old ways of traditional finance. others welcome him with open arms. The truth is that the upcoming regulation will not be easy for bitcoin and it will face many challenges. ultimately, it will be the best for cryptocurrency acceptance.
kevin o’leary believes btc mining will become regulation-friendly over time and even slow down, able to offset the carbon footprint of other industries. what this suggests is that the industry is very young in this area, as well as in many others.
cryptography is still very early
bitcoin 2022 had approximately 30,000 attendees and exhibitors. By comparison, San Diego Comic Con has 100,000 more attendees. consumer electronics show brings in about 175,000 pre-pandemic. people are still learning. adoption is happening. but there is still a long way to go.
bitcoin is just a teenager. Right now, like any teenager, he has an attitude, doesn’t listen to authority, and is growing up faster than most can keep up. he is going through a maturation phase, which comes with a lot of excitement and growing pains. For him to become an adult capable of going out into the world on his own and growing up to be the global reserve asset he has the potential to be, he will have to hit a lot of bumps along the way. we all do. and we are all bitcoin.
Bitcoinist @ Bitcoin 2022 Miami
bitcoinist will be at bitcoin 2022 miami in miami beach, fl, from april 6-10, reporting live from the show floor and related events. Check out exclusive coverage of the world’s largest btc conference here.
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