Article by Patrick Redford: “We often talk about baseball games as a metric for where we are, and we’re literally in the first inning,” one of the Winklevoss twins gloats. “And this game’s going to overtime.”
It’s the first day of Bitcoin 2025, industry day here at the largest cryptocurrency conference in the world. This Winklevoss is sharing the stage with the other one, plus Donald Trump’s newly appointed crypto and AI czar David Sacks. They are in the midst of a victory lap, laughing with the free ease of men who know they have it made. The mangled baseball metaphor neither lands nor elicits laughs, but that’s fine. He’s earned, or at any rate acquired, the right to be wrong.
This year’s Bitcoin Conference takes place amid a boom, the same month the price of a single coin stabilized above $100,000 for the first time. More than 35,000 people have descended on Las Vegas in the final week of May for the conference: bitcoin miners, bitcoin dealers, several retired athletes, three U.S. senators, two Trump children, one U.S. vice president, people who describe themselves as “content creators,” people who describe themselves as “founders,” venture capitalists, ex-IDF bodyguards, tax-dodging experts, crypto heretics, evangelists, paladins, Bryan Johnson, Eric Adams, and me, trying to figure out what they were all doing there together. I’m in Vegas talking to as many people as I can in order to conduct an assay of the orange pill. What is the argument for bitcoin, exactly? Who is making it, and why?
Here is the part of the story where I am supposed to tell you it’s all a fraud. I am supposed to point out that nobody has come up with a use case for blockchain technology in 17 years beyond various forms of money laundering; that half of these people have been prosecuted for one financial crime or another; that the game is rigged in favor of the casino and those who got there before you; that this is an onerous use of energy; that all the mystification around bitcoin is a fog intended to draw in suckers where they can be bled. All that stuff is true, but the trick is that being true isn’t quite the same thing as mattering.
The bitcoin people are winning…(More)”