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Friday, June 18, 2021

Why Is Brock Pierce Leading An “Official Delegation of Bitcoin” In El Salvador?

Something is rotten in the state of El Salvador. The first nation to declare BTC as legal tender received no other than the infamous Brock Pierce. An “Official Delegation of Bitcoin Ambassadors” reportedly met with President Bukele and other government officials. However, is there such thing as an “official delegation” of a decentralized protocol? No, there isn’t. And the whole Bitcoin community is up in arms about the situation.

Related Reading | How El Salvador Embracing Bitcoin Signifies “The Separation Of Money And State”

This is the tweet that sparked the controversy:

To complete the idea, Pierce said: “This delegation is the first to visit El Salvador in an official capacity since the start of Covid lockdowns. Glad to be making history together!” The character has been involved in blockchain technology since 2013. The two most well-known projects he’s been a part of are the stablecoin Tether, and the EOS.io protocol. A class-action lawsuit about that last one still hangs in the air. Coindesk informs:

Lead plaintiff Crypto Assets Opportunity Fund is accusing Block.one, CEO Brendan Blumer, CTO Dan Larimer, former CSO Brock Pierce and former partner Ian Grigg of deceiving investors over the token sale and are seeking damages.

The company had already, “reached a settlement with the Securities and Exchange Commission (SEC) and agreed to pay $24 million in damages for running an unregistered securities sale in exchange for waiving legal restrictions.” However, “the investors who lost money, they have a private cause of action against Block.one.

That’s not even close to being the most egregious accusation about Mr. Pierce, but we’re not going to go there. This is a cryptocurrencies site and we’re going to keep it on-brand. Do your own research.
BTCUSDT price chart for 06/18/2021 - TradingView

BTC price chart on Poloniex | Source: BTC/USDT on TradingView.com

Back To Brock Pierce’s So-Called “Official Delegation”

To be fair, Brock Pierce was elected Director of the Bitcoin Foundation in 2014. One year later, the organization dissolved. For that credit, he claims, “factually I was elected by a majority of the organizations building the industry in 2012-2014.” And if the word “offical” next to Bitcoin makes your skin crawl, just look at how he’s stealthily taking credit for the whole operation:

The host of the “What Bitcoin Did” podcast, Peter McCormack, met with President Bukele on June 15th. He told Coindesk. “As soon as the government made an announcement, suddenly all the charlatans that we have our industry surrounded with started saying: we’re going to come, we’re going to help, we’ll invest money. I spoke to the president about this. I said to the president specifically, this is what’s going to happen. You need to be very careful of these people.

The white blood cells of the Bitcoin community are all over this new development. They’re criticizing the frankly ridiculous choice of words in “Official Delegation of Bitcoin Ambassadors.” Bringing up Pierce’s past indiscretions. Calling Brock Pierce a scammer. Calling him an Altcoins agent. They’re scared that this “official” visit will muddy the waters. Scared that these meetings will mess up a good thing. 

Related Reading | World Bank Turns Down El Salvador’s Request To Help Implement Bitcoin As Legal Tender

Here’s a selection of tweets that don’t contain obscenities:

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