The 10th edition Latin American Bitcoin and Blockchain Conference (LaBitConf) 2022, November 11-12 in Buenos Aires, Argentina, offers a bright light of optimism amid a harsh crypto winter. The event features presentations by over 120 international speakers, including Elizabeth Stark, Michael Saylorand Vitalik Buterin.
At the event, Benzinga met another notable speaker, jimmy song, a Bitcoin educator, developer, and entrepreneur, and the author of “Programming Bitcoin” and “The Little Bitcoin Book.” Song is also a decided Bitcoin Maxi.
He tweetedReminder: “Bitcoin Moderates” told you to put your money in FTX and BlockFi. Still think Maximalists are toxic?”
The recent FTX Exchange FTT/USD the debacle hit hard Bitcoin BTC/USDwhich hit a new low in 2022 at under $16,000, as well as the crushing FTT by 46.49%. The training effect also hurts Solana SOL/USD which lost 60% of its value in just 24 hours.
Asked about his presentation on the merits of BTC versus fiat currency, Song replied, “I talked about fiat versus bitcoin, kind of a shift in mindset that society takes when you go fiat, which is debt-based, and bitcoin, which is merit-based, and those two things have a lot of downstream effects.
Song believes in Bitcoin as a superior alternative to fiat and other cryptocurrencies, and believes its strength is essential in Latin America.
“I think you see a lot of corruption and cronyism in Latin America. Just look at the official exchange rate of the US dollar against the Argentine peso compared to the exchange rate on the blue market. There is a big disparity because Central Bank of Argentina wants capital controls.” Song said. “They basically steal from people who trade at the official rate. That’s what central banks have been doing for a long time.”
He advocates for the official acceptance of BTC as a global currency, saying it is more stable than fiat and immune to government control.
“I think people in Latin America understand better than most because there are currency changes and two-thirds of your savings are gone. We are in the trend of the US dollar, but the USD did not do well either. The key is with Bitcoin, you don’t have to trust anybody. You can check everything yourself. As soon as you trust, you open a security hole where your wealth can be seized.”
Song has little confidence in altcoins, which he sees as a risk similar to fiat.
“When you hold Argentine pesos, you trust the Argentine government. But if you are in Cardano, you trust Charles Hoskinson. If you hold a BNB coin, you trust CZ. What is the difference? Do you simply trust another person instead of the Argentinian central bankers? »
Song’s solution is simple: a BTC-based trustless system.
“Don’t trust – verify. If you trust someone else, you can get screwed.”