An honest response to the ECB


Hello dear readers,

a couple of hours ago the ECB made a blogpost about Bitcoin. This is my response.

Let's begin by thanking the ECB for writing a Bitcoin related article. It's a great recognition from such an authority. In the reality of today we have to accept that the overwhelming majority of EU citizens have a blind faith in their institutions and take such ECB blogposts for granted. The ECB blogpost helps in discussing our preferred way of transacting with one another, because the discussion has still not started, simply because Bitcoin by itself is not able to bring it to the table.

The ECB claims to be a political neutral entity. It is a lie on many levels, but for this response we will just point out the lies from their blogpost. The most obvious evidence of political influence is stated at the end of the article: "It is important for authorities to be vigilant and protect society from money laundering, cyber and other crimes, financial losses for the financially less educated, and extensive environmental damage." The ECB is not the entity to decide what authorities should do, trying to influence governments is politics in my opinion, or at minimum some form of lobbying. Another note I want to emphasize is how the ECB writes about the need to protect the financially less educated. In the country of the Netherlands, my country of birth, a recent study shows that more then 50% of people is financially illiterate. The problem of our economy is not the risk involved in dealing with finance, the problem is that half of the people have no clue about what money is in the first place. Instead of keeping people dumb by means of so called protection, we need to get ourselves educated on finance so that we can make educated decisions. I want to point out this mentioning of financially less educated people by the ECB, because those are the people the ECB needs in order for it to be able to exist. Monetary apartheid only works if the oppressed majority is obedient. You don't have to know why we confiscate Russian Euro funds, we know what is good for you!

Because the ECB depends on uneducated people, this blogpost is only showing you half of the story. In a vacuum, Bitcoin seems hopelessly lost to regulating authorities that hold the monopoly on violence and use their influence to make Bitcoin unusable as intended by Satoshi Nakamoto. Only if you keep your information to yourself and use Bitcoin as traceable gold without ever talking about it to anybody can you be sure you will be compensated for your obedience with inflating debt currency. You can hold your Bitcoins in an ETF, but don't start interacting p2p, if too many people get used to a different representation of money the use of debt currency might become obsolete. If people would truly understand the debt cycle they enslave themselves with use of crypto would become the new standard, even Henry Ford knew that. The ECB brings up the usual complaints about bitcoin. It is slow, it is expensive, it is used for criminal activities, it is bad for the environment. Let's start with the last one. Hats off to the ECB for wanting to protect the environment. It's a lot better then claiming you are protecting the climate. Sure, Bitcoin mining costs energy, but it also helps us to solve an important problem, the problem of communicating gratitude to each other. Let's forget about all the money transports of quarters and nickels that provide the consumers with change and let's not think about all the bank offices around the globe that each run computer servers and require employees to commute on a daily basis. Have you ever noticed a war going on? The inherent cost of running your money system based on debt is all the violence it requires to enforce the contracts. Ukraine today is a lot more damaging that a couple of computers running near a volcano or geyser. The point about the criminal activities is laughable. First of all, define criminal activities. Second, why should money be censored to be in line with local regulations? The largest fines on this world are given to pharmaceutical companies, we don't seem to bother their criminal trackrecord when we deal with them. Traditional banks launder a multitude of money and have been paying fines that to which the amount that Binance had to pay pales in comparison. Slow and expensive? Well that point is coming from the idea that Bitcoin exists in a vacuum, which it does not. 1000's of coins exist, each of them servicing communities with cheaper and faster transactions, not just compared to Bitcoin, but also in comparison to traditional financial services.

Interesting to note is the reference the ECB makes to fair value. Let's agree with the ECB that Bitcoin has a fair value of 0. They mean ofcourse 0 euro's, which is equal to infinity. We don't really care about those euro's ourselves, because we calculate in satoshi. Some other form of cryptomoney, for example Litecoin, has denominated itself in Bitcoin since it's start. It has become a part of the Bitcoin economy. We know the ECB values that all at 0, but Bitcoin, compared to a Litecoin, has a fair value, 0.25 Bitcoin per Litecoin. How come we don't see that price today?

I wrote about it on this blog more then once. Hyperinflation and small communities are a big part of it, but a recurring theme in this response is going to be the uneducated majority. If you talk about achieving peer to peer cash the Bitcoin community kicks you out, or offers impossible solutions like the lightning network, or other solutions that go against the principle of p2pcash, like liquid. Even within the small Bitcoin community, only very little people understand these concepts. It times of monetary apartheid you vote with your wallet, but if you buy Bitcoin to get more Euro's, you are still voting the same party. True value creation does not come from speculation, but instead comes from creativity and solutions people need or want. We create our own reality and by writing a blogpost like this, the ECB clearly tries to give it's spin on how we think about our present. 

The blogpost of the ETF does partially uncover the cloak central bankers try to hide themselves with. We can extract that the ECB pays attention to the emission of new Bitcoins, because they mention the halving event in their writing. In combination with the last sentence of the post a serious concern: "This job has not been done yet." The Bitcoin halving offers a perfect moment for a miner attack on Bitcoin, With current hashrate breaking all time high you could argue the start of the attack has already been made and those "less educated" get around 2 weeks to transfer their savings into another 4 year bear market, just like 2017. 

Another piece of information comes from the mentioning of market manipulation: "According to one estimate the average trading volume of Bitcoin between 2019 and 2021 was about 2 million Bitcoins, compared to a meagre 500,000 in 2023 (Athanassakos and Seeman, 2024)." Market manipulation always start with inflow of debt currency which makes the price move up. For the friends of the ECB, those that profit from monetary apartheid, it's not a problem because they can create euro's themselves. Manipulation comes on many levels, price is only one of them, but play's an important role so you can temporarily adjust reality to your prediction. It is clear that the fight of the ECB against Bitcoin is not over and they are going to double down with more regulations, more sanctions and the undermining of p2p cash principles in any way possible. The ECB talks shame about well funded lobbyists, but forgets to mention themselves as defender of a debt cycle which enslaves humanity. 

Using Bitcoin is so much more than making a financial transaction with somebody. I sold some Litecoin today, because a friend wanted to buy some. I don't care it's at all time low against bitcoin, I need to pay the bills tomorrow anyway and still need to transact with debt currency sometimes. Read the blogposts on this website and you know why I am thankful for the ECB to make write their blogpost in the last week I'm running my proof of community. I believe Bitcoin is able to proof itself, you just need to look at the problem from a slightly different angle. We need to create a real alternative for debt currency and get people to feel comfortable using crypto money. Maybe not because it is faster or cheaper, although it can be very cheap and fast, but more from a moral standpoint, because we vote with out wallets and care about the future of our children so much that we understand an endless enslaving debt cycle is not in our best interest.

We are in a transition. A lot of people alive today grew up without internet. Those are the people that have funded the ECB to protect them and created the inhumane monster that sucks usury to feed itself. Nobody is to be blamed for ignorance and we have to accept the majority of people accepts society to be run by institutions like the ECB. Even after months of trying my current "Proof of Community" only has 3 out of 4000 slots filled, I think this ECB blogpost will get over 4000 interactions just in the first minutes of publication, just imagine if we could organize like that by recognizing all of crypto needs each other to take a stand against centralized institutions build and supported by violence and exclusion. 

Central banks exist for a little over a century. During this time a war has been active on our planet almost every day. The ECB speaks about financing of terrorism with use of cryptomoney, and conveniently leaves out the torture of Jullian Assange who has been suffering for over a decade for exposing war crimes, war crimes that have all been funded with debt currency. The ECB thrives on uneducated people, they also have a great benefit to defend, those people that work at such institutions like the ECB profit every day from keeping other people stupid. We have to accept older generations have been fooled by a materialistic projection of their life energy. You grow up, study on some government approved institution, take a mortgage to buy a house, work your entire life to pay back that mortgage and save up a bit of money for later and then die happy because you never knew how many war crimes your obedience has been financing. Out materialistic lifestyle is based on debt and depends on overspending and inefficient investments. People are expected to remain dumb, not ask questions and certainly don't have too much of a memory. Just obey the rules and your trusted institutions will take care of you. Unlike what the ECB wants you to believe, central banks are not mandatory to run a society. We can build a different life standard, I certainly have plenty of ideas to do so, but after trying for 10 years I have to conclude that at this moment in time very little people care about the injustice of the double standard and most are just trying to take advantage for themselves, instead of trying to get rid of it completely.

I believe the timing of this ECB blogpost is no coincidence. Things are happening and the fight is about to get real. My friend is selling his house because of personal reasons and this gave me the idea to buy it. It is still for sale and it will be perfect for me to host my Liberland guests and create a lot more content like this blogpost in response to the ECB. We, crypto minded people, need to accept the majority of society is captured in a world view based on debt and not yet ready for a different reality. People that are fighting for the same goal should help each other. On that level, the crypto community can learn a lot from legacy finance, if you are on the right side of the double standard you can expect unlimited support and if you are on the wrong side of the double standard the enemy is united as one. By showing a different example people will be educated. We need to recognize we all need each other and not give in to the divide and conquer strategy. Human creativity has no boundaries and can't be captured within a framework of rules. Let's celebrate the creation of Satoshi Nakamoto by mentioning his name the next time we do a crypto transaction so that we might educate some people about the topic of money and we as a society depend less and less on centralized institutions like the ECB to tell us what is good and what is not.