Ben Mackenzie Criticizes Bitcoin and FTX Collapse: Highlights Importance of Self-Sovereignty

👋GM Valued Readers,

Ben Mackenzie, a multifaceted personality, who is best known for his portrayal of Ryan Atwood on the popular TV series "The OC", was recently featured on "Real Time with Bill Maher". During the show, the discussion revolved around Ben's strong dislike for Bitcoin and other cryptocurrencies. The basis of his argument against these digital currencies is rooted in the collapse of FTX, a cryptocurrency exchange, which left tens of thousands of consumers affected. While the collapse of FTX was undoubtedly a criminal act, it had less to do with the assets and more to do with those who were in control of those assets.

The conversation between Ben Mackenzie and Bill Maher highlighted a fundamental misunderstanding of two critical questions: what is money, and what is Bitcoin?

Inability to provide a coherent answer to the first question renders one incapable of understanding the second. Bitcoin is a representation of self-sovereignty, where the individual has complete control over their assets. However, when holding Bitcoin on an exchange like FTX, individuals give up this fundamental feature of owning Bitcoin. Similar to when one puts their USD money in a bank, the bank becomes the owner of the money, and the individual becomes a liability on the bank's balance sheet. Unlike traditional banking systems, there is no FDIC backstop in the crypto world to guarantee the safety of funds, and individuals must trust the third-party exchange not to lose their assets.

"Not your keys, not your coins" is a phrase commonly used by Bitcoin enthusiasts. It is vital to learn and understand what this phrase means, as it opens up the mind to the actual Ponzi scheme of the traditional banking system and highlights the true value of Bitcoin. This learning process is crucial to protect oneself and loved ones from impending financial doom. It is essential to recognize that Bitcoin's value is not just in its monetary value, but also in the level of financial freedom and control it provides to individuals.

Defion Productions

If you found this newsletter helpful, please check out all our social medias below for more helpful information😃 

*** You are receiving this email because you are connected/signed up to receive emails. You can stop receiving these emails by clicking the 'unsubscribe' link.

Nothing in this email is designed to be financial, legal, or tax advice.