As the digital currency markets meltdown in what is fast shaping up to be the worst crash in the history of the industry, Bitcoin developer and thought leader Joshua Henslee released a video explaining how the core beliefs promoted by speculators, traders, and the industry bigwigs is a lie; he calls it the “Crypto Bros Trick.”
The lie at the heart of the digital currency industry
Henslee begins by explaining that the title of this video was inspired by a well-known YouTube documentary called “Everything is a Rich Man’s Trick.” Among other things, the documentary explains how powerful elites conspire to rig the economy for their benefit and quickly put down challenges. In his view, a similar oligarchy controls BTC, ETH, and other top digital currencies, and they do the same.
Henslee explains how proponents of blockchain technology and digital currencies like to sell it as “for the little guy.” However, he points out that in the 13 years since Bitcoin came out, it’s done anything but help everyday people. Countless numbers of little guys have lost small fortunes to scams, and most of the technology is incapable of delivering any of its stated aims. He gives the example of Ethereum’s notoriously high gas fees asking how this unscalable blockchain does anything for everyday people.
In Henslee’s view, the industry talks a good game and uses all the right buzzwords, but it has delivered nothing of real value.
What is the “Crypto Bro’s Trick” Henslee is talking about?
Henslee tells us that the trick being played on the public is that digital currencies are a new paradigm that does away with the need for hard work, consistency, and value creation. One only needs to look at social media to see promises of easy wealth and riches for doing nothing more than buying coins. Any challenge to these narratives is met with trolling and childish phrases like ‘NGMI,’ which is an acronym for ‘Not Gonna’ Make It.’
Henslee reminds us that, no matter what technological innovations come about, some things never change; working hard over the years and delivering real value to paying customers is the only way to get rich legitimately. The trick being played is that we can somehow do away with that and extract value in exchange for nothing.
Builders are unaffected by the nonsense
With all of the above said, Henslee points out that builders, those creating applications and businesses to deliver real value, are unaffected by all of this. They’re thriving on blockchains like Bitcoin SV, which scale and work correctly.
However, even BSV hasn’t escaped the negativity that comes with price crashes. Many in the community are bickering and fighting, and in Henslee’s view, it all stems from the same mindset of wanting to get rich quickly. He points out that BSV has only existed for a few years and that it’s only getting started. It’s too soon for anyone to think about getting wealthy from their BSV blockchain businesses or speculating on the token’s price.
In Henslee’s view, the “Lambo mindset” has to go. The people in the industry need to focus on delivering real value. He’s not sure if this crash is the one that will bring the entire house of cards down, but he believes that, whether this is it or not, that day will come sooner or later.
What’s the end result of all of this short-term thinking, greed, and deceit? As well as the heartbreaking losses victims of schemes like LUNA and Celsius have reported, stricter regulations are now inevitable. Henslee likens the government’s upcoming actions to those of parents who have come outside to find the yard on fire—they have no choice but to enforce some rules for everybody’s safety going forward.
Wrapping up, Henslee reiterates his main point that no matter what happens, the fundamentals of business and life don’t change; you can’t get rich without creating value. The prominent promoters in the industry want us to believe differently, but they’re being proven wrong in real-time as the entire market crashes, and paper fortunes vanish overnight.
Key takeaways: Hard work and value creation reign supreme
For years, Bitcoin’s inventor Dr. Craig Wright has been warning us that the digital currency industry is a house of cards, and that it will someday come crashing down. At the core of Dr. Wright’s argument is the idea that none of it delivers any value and that all of the blockchains released since his original Bitcoin are inferior.
For years, the industry’s largest players have painted Dr. Wright as a scammer. Yet, right now, he’s being proven correct, and those that called for BTC token prices of hundreds of thousands are being exposed as either liars, clueless, or both.
As Henslee points out in this video, there is no easy road to riches. It takes time, effort, consistency, and real value creation to get value in return. Anyone who tries to tell you differently is trying to trick you.
Watch: The BSV Global Blockchain Convention presentation, Making Blockchain Easy for Real World Use
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