Bitboy Crypto believes that crypto is being hijacked.
In a video clip making the rounds on Twitter, crypto YouTuber Ben Armstrong, also known as Bitboy Crypto, calls out Coinbase chief Brian Armstrong and FTX CEO Sam Bankman-Fried, in an outburst alleging that they are trying to ruin crypto.
“I don’t represent the people?” Said Bitboy in response to a tweet by Bankless founder Ryan Sean Adams. “The f**k I don’t. I’m the one who does. It’s me. I’m the one out here putting the work in behind the scenes trying to save crypto. While these devils Sam Bankman-fried Brian Armstrong, they’re trying to permanently ruin it.”
According to the crypto influencer, crypto is being hijacked by the people who have all the money.
“This guy with his freaking glasses on, this douchebag is out here trying to tell you that only the suits know what to do,” Bitboy said, again responding to Ryan Sean Adam’s assertion that he did not represent the crypto community. “Only the suits. Only the people who have all the money. They’re the ones who get to determine what happens. No. Our bill is for the people.”
It bears mentioning that Bitboy’s outburst has been met with mixed responses from the crypto community. On the one hand, many agree with the influencer’s sentiments in light of a recent regulatory proposal by SBF, which could potentially do away with decentralized exchanges (DEXes) and decentralized finance (DeFi).
DAMN BITBOY JUST WENT OFF! I am completely with you on this @Bitboy_Crypto 🔥⚔️❤️🔥 pic.twitter.com/bK3rjX4eEd
— MASON VERSLUIS 🏆🔮 (@MasonVersluis) October 20, 2022
On the other hand, some users point out that Bitboy may not have the moral standing to speak for the crypto community as he has often accepted payments to promote shady projects to his audience.
The true devil was him charging $40k to pump projects. He’s made a living from his undisclosed paid shills. It wasn’t until recently he started mentioning them because he got caught. pic.twitter.com/Eq9s4GlXT5
— IncomeSharks (@IncomeSharks) October 20, 2022
Notably, the conflict between Bitboy and Adams has devolved into a war of words on Twitter, with Adams teasing Bitboy with a Bankless interview invitation.
he thinks i’m serious
what do i say pic.twitter.com/ORxzdSInA3
— RYAN SΞAN ADAMS 🤓 (@RyanSAdams) October 21, 2022
It is worth noting that the latest proposal by SBF will require DeFi to be compliant with the Office Of Foreign Assets Control (OFAC), the sanctions enforcement arm of the US Treasury department. Aside from this leading to broad crypto censorship, as highlighted by a user, it is highly impractical. In addition to this, it will require DEXes to register as brokers.
Adams, who in an earlier tweet, described the proposal from SBF as unreasonable, asserted that the solution to the regulation problem facing DeFi in the US was not to slap centralized finance rules on DeFi. Instead, according to the pundit, lawmakers should develop DeFi regulations from first principles.
The solution isn’t to apply the old CeFi rules to DeFi.
The regulation should approach DeFi from first principles.
— RYAN SΞAN ADAMS 🤓 (@RyanSAdams) October 19, 2022
Notably, SBF’s proposal has sparked industry-wide outrage, with many accusing the FTX chief of not caring about decentralization.
SBF is the most effective value extractor in crypto
he is very transparent in that he wants to siphon value out of your account into whatever causes he claims to care about
couldn’t care less about decentralization
meanwhile, NPCs here simp & worship him like a hero
— DCinvestor.eth ⌐◨-◨ (@iamDCinvestor) October 19, 2022
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