One famous quote that touches on the concept of morality is by American civil rights leader Martin Luther King Jr who said, “One has not only a legal but a moral responsibility to obey just laws. Conversely, one has a moral responsibility to disobey unjust laws.” This quote highlights the idea that obeying the law is not enough to make an action morally right, and that individuals have a duty to speak out and take action against unjust laws.
I bring this up because it’s wild to see how badly the regulators, bankers, and politicians messed up these bank failures. Every bank has become insolvent. The only reason they aren’t out of business is because of the loophole that they don’t have to mark their bond portfolio to market until they sell these bond securities. This means they are technically still solvent on paper despite having over half a trillion in losses.
Good to see Balaji calling this stuff out.
Amazing to see my man giving out 1 million USD of bitcoin to people for spreading signal. I know he gets shit for being a co-founder of Coinbase which is definitely one of the largest crypto casinos out there, but Coinbase has done a lot for Bitcoin adoption. I do hope they can focus more on Bitcoin in the future and less on vaporware tokens like the rest of the stuff in the crypto space.
Not sure I’ll win but I participated anyways. Here is my tweet.
If I do win that would be nice but either way I’m happy to see this stuff isn’t going unnoticed. People are Fed up with those in charge absolutely screwing the little guy. It’s not right. Just because you have the law on your side does not mean you are doing the correct thing. Like MLK said we have a responsibility to disobey unjust laws. At the moment there are no laws that make owning bitcoin illegal in the United States. If that ever changes we as citizens need to make it clear we will not tolerate this. Peaceful protests, calling our politicians, owning bitcoin anyways, whatever it takes to make clear we are not giving up the best money mankind has ever had. The fact the Fed and Treasury can create money out of thin air is a travesty. They have walked us into a nightmare situation. I hope more people wake up to the fact just because one group can counterfeit money “legally” does not mean that it is okay. Shout out my boy Satoshi for seeing this and creating an alternative to the Frankenstein system we currently have in place.
We will win.
I mean seriously how can we not. Odell even orange pilled The Mandibles author who disregarded Bitcoin when writing the best fiction book out there on why we need Bitcoin. Life is amazing. Humans are amazing. As annoying as people can be at times, we are also pretty damn cool. :)
3/16/23
Conor Jay Chepenik
