Thank you for exposing this modern-day Ponzi scheme. In addition to being another way to separate fools from their money, the process of "mining" bitcoin wastes huge amounts of energy and taxes the electrical grid, both of which we can ill afford as we burn up the planet.
I watched the entirety of DJT yakking away at the "Bitcoiners" and it was very obvious that he had no idea what this stuff was or what the current regulatory situation is. His campaign sent him, loaded "I'll fire the SEC Chair" into his teleprompter (the cheering response to which genuinely surprised him), and let him spiel away begging for votes. If anyone ever asks him in an interview to explain crypto, he'll say "Well, they seemed to like me, I mean, by a lot!"
crypto (skeptical) journalist here. I'm looking into the Harris team claim and it closely resembles the sort of PR push by VCs that we saw when Silicon Valley Bank was collapsing and when OpenAI kicked out Sam Altman - quoting "people familiar with the matter" but conspicuously failing to note which side the people were on. I could be wrong, but I'm guessing it's crypto PR who approached the Harris team and are spinning a polite brushoff as not a rejection.
Certainly possible but also extremely plausible that there are people in the Harris campaign orbit who would be happy to trade promises of light regulation for a huge infusion of cash.
There is only a mathematical limit of 21 million bitcoin available and 19.5 million are out there. The remaining get more and more difficult to unlock. To buy 20% of a speculative asset - what the hell??? RFK jr is bonkers…
Yeah the calculation of how much 4 million bitcoin would cost didn't take into account that the price would rise towards infinity the more the government buys.
Is there a real value behind Bitcoin ETFs? Where does Bitcoin come from? It's an artificial asset on a blockchain, but many people want to talk about BTC as if it's money or gold and trick the brain into believing in fairy tales like The Emperor's New Clothes, causing us to ignore what should be obvious and instead get stuck in how the price develops. The increase in value is not attributable to any change in content or utility, but solely from an increased inflow of new capital from ETFs.
Society roughly consists of happiness-pursuing citizens, profit-driven corporations, and power-hungry authorities. Crypto as a technology shifts the balance of power away from the latter two and back to the former. It has a role similar to private communication and the right to bear arms. Even if you don't actually need it under normal circumstances, it is an insurance against tyranny as it restricts the option space of the government.
The reason people fall for the cryptocurrency hype is fundamentally because people don’t understand what money actually is, how and who creates it, and how it actually functions in a capitalist society.
The irony is even lefties, in the political economy sense, continue to accept the marginalist/neoclassical/classsical/equilibrium framing.
That is, they believe a government can actually run out of its own money.
Consider that for just a moment and you will see how absurd that is.
The one and only source of legitimate US dollars is the US government (and any entity the government allows to act as its agent).
Thus the US government can never run out of US dollars as the USG has a monopoly in the creation of US dollars. The USG creates money mostly by computer when the Fed marks up the reserve accounts of banks, or when the Treasury spends money authorized in an appropriations bill.
Yes, the government really does create money out of nothing, by fiat, and this is how money has been created by all governments for 6,000 years. Gold or silver standards are arbitrary and meaningless, as demonstrated by our government pegging the dollar to gold, or leaving the gold standard, at will whenever it suits the political/social/economic goals of whoever is in charge.
I just want to add that the other major (maybe the biggest) use-case for Crypto is money laundering.
You can't launder money on an open public ledger...
https://duckduckgo.com/?t=ftsa&q=bitcoin+money+laundering&atb=v344-1&ia=web
Thank you for exposing this modern-day Ponzi scheme. In addition to being another way to separate fools from their money, the process of "mining" bitcoin wastes huge amounts of energy and taxes the electrical grid, both of which we can ill afford as we burn up the planet.
❤️❤️❤️ this was my suspicion but God help me if I say it anywhere because the douchebaggery patronizing comment cycle would outlive me.
"crypto is a medium of exchange that will become, through some vague process that is always too complicated to explain, the future of money"
Truly the Underpants Gnome scheme as it relates to currency.
I watched the entirety of DJT yakking away at the "Bitcoiners" and it was very obvious that he had no idea what this stuff was or what the current regulatory situation is. His campaign sent him, loaded "I'll fire the SEC Chair" into his teleprompter (the cheering response to which genuinely surprised him), and let him spiel away begging for votes. If anyone ever asks him in an interview to explain crypto, he'll say "Well, they seemed to like me, I mean, by a lot!"
crypto (skeptical) journalist here. I'm looking into the Harris team claim and it closely resembles the sort of PR push by VCs that we saw when Silicon Valley Bank was collapsing and when OpenAI kicked out Sam Altman - quoting "people familiar with the matter" but conspicuously failing to note which side the people were on. I could be wrong, but I'm guessing it's crypto PR who approached the Harris team and are spinning a polite brushoff as not a rejection.
Certainly possible but also extremely plausible that there are people in the Harris campaign orbit who would be happy to trade promises of light regulation for a huge infusion of cash.
Porque no los dos?
There is only a mathematical limit of 21 million bitcoin available and 19.5 million are out there. The remaining get more and more difficult to unlock. To buy 20% of a speculative asset - what the hell??? RFK jr is bonkers…
Yeah the calculation of how much 4 million bitcoin would cost didn't take into account that the price would rise towards infinity the more the government buys.
Sounds a suggestion from someone who wants a coin to go to the moon.
"Dollars won't be worth anything in the future." Yet, precious metals and crypto are all tied to fiat currency and worthless without dollars.
Is there a real value behind Bitcoin ETFs? Where does Bitcoin come from? It's an artificial asset on a blockchain, but many people want to talk about BTC as if it's money or gold and trick the brain into believing in fairy tales like The Emperor's New Clothes, causing us to ignore what should be obvious and instead get stuck in how the price develops. The increase in value is not attributable to any change in content or utility, but solely from an increased inflow of new capital from ETFs.
Thanks for a breath of sanity on this issue.
Didn't realize RFK was also pro-crypto. How many red flags do people need?
I've forgotten to visit web3isgoinggreat.com for a while, thanks for reminding me!
RFK used to be one of the most famous people fighting for the environment in the country.
Now he's pushing crypto, which uses a tremendous amount of energy to produce.
cryptocurrency is a con game and a Ponzi scheme wrapped in one.
crypto currency is a waste of time and worse energy, it sucks down electricity at a huge rate all to well launder money and defraud people
Society roughly consists of happiness-pursuing citizens, profit-driven corporations, and power-hungry authorities. Crypto as a technology shifts the balance of power away from the latter two and back to the former. It has a role similar to private communication and the right to bear arms. Even if you don't actually need it under normal circumstances, it is an insurance against tyranny as it restricts the option space of the government.
The reason people fall for the cryptocurrency hype is fundamentally because people don’t understand what money actually is, how and who creates it, and how it actually functions in a capitalist society.
The irony is even lefties, in the political economy sense, continue to accept the marginalist/neoclassical/classsical/equilibrium framing.
That is, they believe a government can actually run out of its own money.
Consider that for just a moment and you will see how absurd that is.
The one and only source of legitimate US dollars is the US government (and any entity the government allows to act as its agent).
Thus the US government can never run out of US dollars as the USG has a monopoly in the creation of US dollars. The USG creates money mostly by computer when the Fed marks up the reserve accounts of banks, or when the Treasury spends money authorized in an appropriations bill.
Yes, the government really does create money out of nothing, by fiat, and this is how money has been created by all governments for 6,000 years. Gold or silver standards are arbitrary and meaningless, as demonstrated by our government pegging the dollar to gold, or leaving the gold standard, at will whenever it suits the political/social/economic goals of whoever is in charge.