The Philippines is infamously known as the social media capital of the world. It is not uncommon for tech companies in the US to find out that 80% of their app user activity is Filipino-driven.
That has proven to be a boon for “crypto” scams in the past, where headlines like “A Crypto Game Promised to Lift Filipinos Out of Poverty. Here’s What Happened Instead” and the like were common.
Unfortunately, the same continues to this day. With huge budgets that can be spent on social media ads, crypto comes in many forms today. Things like the so-called “Web3,” “NFTs,” “DeFi,” “tokens,” “ugly monkeys,” “ugly dogs,” “ugly cats,” altcoins—in short, “shitcoins.”
If someone talks to you about “Coopcoin,” you can be sure he’s a shitcoiner.
Bitcoin-only vs. shitcoins
After bitcoin was born in 2009, shitcoiners have made more than 5,000 shitcoins. The ethical purpose why Satoshi Nakamoto (whoever he is) invented bitcoin, gave it to the world and disappeared was to revolt against governments printing money out of thin air. This has led to the value of your currency disappearing, inflation, inability to save the value of your work, losing its purchasing power, and crisis, after crisis, after crisis.
What shitcoins do is replace government printing with their own printing of money. Which would you now choose, the rule of central bankers or being a slave to shitcoiners in the dark corners of the internet? Saifedean Ammous, famous author of the famous Bitcoin Standard, which has been translated to 30+ languages famously referred to one shitcoin as,
the mother asshole from which “shitcoins” spring
There is no other reason for shitcoins but to gamble. Gambling one’s own money. Or worse, gambling other people’s money. Worst, scamming people out of their savings and hard work.
Co-operatives are traditionally conservative social and business organizations. Co-operatives are unlikely to take on risky activities never mind gamble with members’ money.
Nonetheless, the pestilence of shitcoins was too repugnant to ignore.
Because of that a band of cooperators in the Philippines founded Lightning/coop:
Lightning/coop was founded because shitcoiners were saying that bitcoin is slow, so they had to resort to altcoins. That was a lie. Lightning is the fastest and cheapest way to send bitcoin anywhere in the world. Lightning is the fastest and cheapest way to send value whether one is in the Philippines or in Timbuktu.
Why arrest shitcoin pestilence
Because co-operative savings are people’s savings. Because co-operatives are ethical organizations.
Ethical money for ethical enterprise
Bitcoin stands as a beacon of ethical standards and stability, setting a precedent for financial integrity. As cooperative enterprises, which are built on the principles of ethical business practices, solidarity, and community welfare, there is a compelling case to be Bitcoin-only, distancing themselves from the often dubious world of “shitcoins.”
Bitcoin, powered by its proof-of-work mechanism, represents the epitome of ethical money, making it the only choice for co-operatives.
The ethical standard
Bitcoin’s inception was rooted in the desire to create a decentralized financial system, free from manipulation and control of central authorities. This foundational principle resonates with the cooperative ethos of autonomy and member-driven governance.
Bitcoin’s transparent, immutable ledger not only ensures transaction integrity but also aligns with the cooperative values of transparency and accountability.
Unlike many altcoins—pejoratively known as “shitcoins”—which are often characterized by speculative hype, “pump and dump” schemes, lack of transparency, and questionable utility, Bitcoin has established itself as a reliable store of value and medium of exchange. For cooperatives, which prioritize long-term sustainability and ethical business practices, the stability and maturity of Bitcoin make it a natural financial instrument to adopt.
The backbone of Bitcoin’s security and trustworthiness lies in its proof-of-work (PoW) consensus mechanism. PoW requires miners to solve complex mathematical problems, thereby validating transactions and securing the network.
Free from erosive effects
Cooperatives thrive on the concept of ethical enterprise, prioritizing the welfare of members and the community. Bitcoin, as a decentralized, non-inflationary currency, offers cooperatives a means to preserve the value of their economic activities, free from the erosive and corrosive effects of fiat currency inflation and governmental fiscal mismanagement.
The adoption of Bitcoin by cooperatives can be seen as a bold step towards a more ethical, transparent, and equitable financial system.
In a world rife with financial inequalities and systemic instabilities, Bitcoin provides a solid foundation for cooperatives to build upon, ensuring that their financial practices are as ethical and community-oriented as their business models.
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Best-selling bitcoin books in Amazon.com
The Lightning Network is the best tool for financial inclusion for co-operatives in the Philippines and around the world. Lightning is the fastest and cheapest way to send bitcoin to any part of the globe. CoopPay can serve millions of cooperative members in the Philippines. CoopPay seamlessly integrates the national QR code standard (QR Ph) and Lightning, making it a game-changer for transactions within co-operatives and global collaboration.
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Coop Bookshop
Ask your Education and Training Committee to fill your co-operative bookshelf with us! Whether you’re a member of your board, director, CEO, VP or just starting out in your co-op journey, keep curious, keep discovering, so you may keep inventing. We work with the leading book publishers in the world and we carry books aligned with our ethos of self-help, self-sovereignty, and self-learning.
Support this project by using your CoopPay (or any Lightning wallet) to send pesos or satoshis to any of the following Lightning Addresses! coop@pouch.ph (CoopPay wallet), lightningcoop@blink.sv (Blink wallet), and coop@coinos.io (Coinos wallet).
Thank you!
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