Polkadot’s Gavin Wood donates $5.8 mln to Ukraine

Crypto has become an actor and participant in the ongoing Ukraine-Russia conflict because, as most people reading these words know, it has no borders and it is capable of bypassing hurdles that would otherwise cripple traditional financial instruments. Crypto is amoral and apolitical, in that it doesn’t have a higher purpose or a morality of its own, but people do and that’s why the Ukrainian government has been on the receiving end of donations in excess of $30 million and counting – in crypto, that is.

I’ve been reading a lot of news articles and geopolitical analysis on the conflict, been watching the news of course, been watching old and new videos of ‘experts’ – some of them may as well be, and some of them aren’t – about the tensions. But at the end of the day, I think we can all agree that no one, ever, for any reason, should go through what the Ukrainian people are going through at the moment. But I talk about crypto, not geopolitics, and that’s what I’m going to focus on.

Like many of you, I’ve been receiving emails from various exchanges and platforms to keep me notified with updates regarding their compliance with the new regulations, in short: there will be service disruption in Belarus and Russia, and I’ve also been keeping an eye on the Bitcoin, Eth and, more recently, Polkadot. This is one of the many features that define – by design – crypto, and some non-crypto people will probably witness this for the first time. In short: transaction data is stored in the blockchain in perpetuity, and the information you do or do not have access to is part of the design.

Gavin Wood, Polkadot’s founder, has pledged (and proceeded to do so) to donate $5 mln and a quick glance at the transaction history of the bitcoin address that Ukraine shared you’ll note it has so far received a little over 200 BTC.

People always take sides and, as ever, they will use crypto to spin their narrative, hopefully, for once, it might be for the better.


Another important stress test for bitcoin (stop panic-selling!)

Bitcoin is a 13-year-old young’un who’s already seen a lot. It was born in the woke of one of the worst financial crisis in modern history, and it has already survived a global pandemic and the 2017-2018 craze-turned-chaos, the first (of many) crypto frenzies that nearly broke the system and killed the market. But it didn’t. And now there’s a war.

Naysayers and ‘status-quoers‘ (is that even a word? Whatever I just made it up) will continue to cherry-pick data and timeframes to support their narrative that bitcoin is useless. But it doesn’t matter. They can stay away from it if they don’t like it, I’ll buy it.

Bitcoin has been called a currency, an asset, a fad, a scam, a hedge against inflation. It has been called many things but the only thing that’s proven to be true beyond recourse and objection, so far, is that bitcoin is essentially a technology that’s completely immune to opinion. It doesn’t do what you want it to do, and more to the point, it is immune to FIAT. In other words, it is immune to “because-I-said-so’ dynamics that rule the world.

The ongoing tensions aren’t helping, and the fact that social media and legacy media outlets make a mountain out of a mole hill isn’t either (generally speaking). I realise and understand that many will panic-sell and liquidate their positions to “get out while we still can”. But they’re wrong.

This is another important stress test for bitcoin, but it isn’t first, and it won’t be the last, and it isn’t the worst.

Please note: I don’t wish to downplay nor magnify the situation but I only talk about crypto, not geopolitics. If you’re reading this, I hope you are safe and happy.

I’ve crossposted this article on readcash, LeoFinance and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free.

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