May 15, 2022·edited May 15, 2022Liked by Karen Hunt aka KH Mezek
The SRF & Billionaires do not fear BTC or any other form of digital coins. They own the medium (WWW) in which the digital coins are transacted. If They want they can block all the blockchain and the MMS/3i's will just be looking at a black screen (not even a blue one!). After all the wallet is just a mere IP address and without WWW, no wallet no transactions.
BTC is just another form for them to extract wealth from the herds of MMS/3i's without employing too many resources and effort.
And the simple fact that the herds of MMS/3i's STILL say "1 billion dollars in bitcoin" is a clear evidence that BTC failed the number one goal.
But just like with all religions that the degenerate uman animal mind invents, with this new one (BTC) many will do anything while trying to defend it!
“Certain buzzwords are repeated– decentralization, frictionless, borderless, equitable, democratization.
But how do these words translate into reality? Not very well.”
How so? It’s important to also distinguish between bitcoin the asset and bitcoin the network. Bitcoin the network is absolutely all these things. I would add a very important feature to that list. Permissionless. If I had 1 billion dollars in bitcoin I could send it to you and nobody could stop me. I could travel the globe with the billion dollars in my mind and send it to you from virtually anywhere on the planet. And nobody could stop you from accepting it. Ultimate property ownership.
The top 1% of the population controlling 30% of the wealth is an example of the Pareto Principle. It is a natural distribution with regard to productivity that shows up everywhere. For example, only a few recording artists sell most of the commercially-available recordings. Only a relatively few authors are the recipients of the vast majority of earnings from books sold. In a company with 10,000 employees, half of all the work is done by 100 employees. The Pareto Principle is so deeply built into nature that it is unavoidable. The mistake we make is in thinking it is an unwelcome consequence of capitalism. It’s not. We can try to mitigate the inequalities, but that will probably set up just another disguised Pareto distribution with different beneficiaries. It’s not always the same group that is among those who benefit.
I am even less tempted to ‘invest’ after reading this. A philosopher friend tells me that investing in digital currency is no different than making an investment in tulip bulbs. That was also all the craze at one time and at least when all is lost with that you had the prospect of a few flowers to remind you that you put your money into a lot of hot air.
I'm old and old fashioned. And I use cash as often as possible. It's my attempt at resistance, as pathetic as it may be. Like other commenters, I don't understand bitcoin, and after reading this, I don't think I want or need to understand it. It appears to be just a different spelling of greed.
I don't know a thing about bitcoin so I don't feel qualified to comment about it but I've been around long enough to have acquired a little bit of common sense. Most young people want to change the world for the better, who can blame them. "It's deeply principled, it's weird as hell [and] it's always evolving. It just reminded me of the Internet as a kid." It sounds good, exciting and full of potential. It's all inclusive, even embracing weird as hell. I wouldn't bank on it. Our Constitution was deeply principled, too, and it wasn't even weird. Who knows where it's at now, nobody pays attention to it. Secrecy of the founder is a little off putting because who do you call if they trick you and rip you off? But this quote sealed it for me. "My hope is that it creates or helps create world peace. It's going to be long-term, but my hope is definitely peace." Wow, here's to world peace, brother, good on ya. In the year 3535, if man is still alive, if bitcoin thrives, I'd be surprised.
Here's 2 things I'm certain of: 1) you're going to take some heat; and 2) you're absolutely right about this--"If you balk at my suggestion, then you really haven’t been paying attention over the past two years. Please let’s stop being gullible and let’s start questioning everything.."
I'll re-think my BTC thoughts. I'm sure I disagree with much of what you've written, but then, why? At the root of it, my concerns are not really ecological, but you've touched a nerve. I know in my heart that a person like Jack Dorsey does not have humanity's best interests in mind as he tries to capture this technology. And, like most technologies, descended from Cain, this one threatens, too.
have been thinking for awhile that Bitcoin has been used to bait the public into acceptance, excitement about digital currencies to ease their on-ramp to CBDC.
really think this was in the WEF Plan... maybe it’s their creation.
hoping that the recent losses prick the bubble and the blind acceptance.
May 13, 2022·edited May 13, 2022Liked by Karen Hunt aka KH Mezek
Whatever energy is necessary to separate government from control of the money supply is in my view worthwhile. With BTC, neither governments nor private actors can simply seize it; and if BTC is the store of value, then it deprives governments of the ability to print money to fund things like wars and Covid shutdowns. Anything that tends to disrupt centralized control is humanity’s friend at this point. To fairly assess the energy costs of BTC, one must consider the costs we pay (enormous) to have governments controlling the currency. For a full discussion of the costs of BTC v other currencies, consider this:
I knew nothing about bitcoin before reading your essay, Karen. I guess there really is nothing new under the sun. The top 1% rule. The bottom dwellers work all our lives for them. Man chooses evil over good so often now.
Karen, I'd love to see a conversation between you and Aleks Svetski. Could you contact him?
The SRF & Billionaires do not fear BTC or any other form of digital coins. They own the medium (WWW) in which the digital coins are transacted. If They want they can block all the blockchain and the MMS/3i's will just be looking at a black screen (not even a blue one!). After all the wallet is just a mere IP address and without WWW, no wallet no transactions.
BTC is just another form for them to extract wealth from the herds of MMS/3i's without employing too many resources and effort.
And the simple fact that the herds of MMS/3i's STILL say "1 billion dollars in bitcoin" is a clear evidence that BTC failed the number one goal.
But just like with all religions that the degenerate uman animal mind invents, with this new one (BTC) many will do anything while trying to defend it!
“Certain buzzwords are repeated– decentralization, frictionless, borderless, equitable, democratization.
But how do these words translate into reality? Not very well.”
How so? It’s important to also distinguish between bitcoin the asset and bitcoin the network. Bitcoin the network is absolutely all these things. I would add a very important feature to that list. Permissionless. If I had 1 billion dollars in bitcoin I could send it to you and nobody could stop me. I could travel the globe with the billion dollars in my mind and send it to you from virtually anywhere on the planet. And nobody could stop you from accepting it. Ultimate property ownership.
The top 1% of the population controlling 30% of the wealth is an example of the Pareto Principle. It is a natural distribution with regard to productivity that shows up everywhere. For example, only a few recording artists sell most of the commercially-available recordings. Only a relatively few authors are the recipients of the vast majority of earnings from books sold. In a company with 10,000 employees, half of all the work is done by 100 employees. The Pareto Principle is so deeply built into nature that it is unavoidable. The mistake we make is in thinking it is an unwelcome consequence of capitalism. It’s not. We can try to mitigate the inequalities, but that will probably set up just another disguised Pareto distribution with different beneficiaries. It’s not always the same group that is among those who benefit.
See this video for a better explanation: https://youtu.be/BZMBdRfbk6A
I am even less tempted to ‘invest’ after reading this. A philosopher friend tells me that investing in digital currency is no different than making an investment in tulip bulbs. That was also all the craze at one time and at least when all is lost with that you had the prospect of a few flowers to remind you that you put your money into a lot of hot air.
I'm old and old fashioned. And I use cash as often as possible. It's my attempt at resistance, as pathetic as it may be. Like other commenters, I don't understand bitcoin, and after reading this, I don't think I want or need to understand it. It appears to be just a different spelling of greed.
So much to ponder!!
I don't know a thing about bitcoin so I don't feel qualified to comment about it but I've been around long enough to have acquired a little bit of common sense. Most young people want to change the world for the better, who can blame them. "It's deeply principled, it's weird as hell [and] it's always evolving. It just reminded me of the Internet as a kid." It sounds good, exciting and full of potential. It's all inclusive, even embracing weird as hell. I wouldn't bank on it. Our Constitution was deeply principled, too, and it wasn't even weird. Who knows where it's at now, nobody pays attention to it. Secrecy of the founder is a little off putting because who do you call if they trick you and rip you off? But this quote sealed it for me. "My hope is that it creates or helps create world peace. It's going to be long-term, but my hope is definitely peace." Wow, here's to world peace, brother, good on ya. In the year 3535, if man is still alive, if bitcoin thrives, I'd be surprised.
I'd say that the crypto mining is akin to weaponised brain development of AI. The programmes laying neural pathways as happens in a baby's brain.
Welp, there's that other shoe I was waiting for.
Here's 2 things I'm certain of: 1) you're going to take some heat; and 2) you're absolutely right about this--"If you balk at my suggestion, then you really haven’t been paying attention over the past two years. Please let’s stop being gullible and let’s start questioning everything.."
I'll re-think my BTC thoughts. I'm sure I disagree with much of what you've written, but then, why? At the root of it, my concerns are not really ecological, but you've touched a nerve. I know in my heart that a person like Jack Dorsey does not have humanity's best interests in mind as he tries to capture this technology. And, like most technologies, descended from Cain, this one threatens, too.
on the other hand... we are introducing a super computer that operates at 0.02% of the power requirement of today's leading super computers, 3.2 kW vs 17.8 MW... https://www.bcmindustries.com/post/introducing-tod-5120-the-world-s-most-advanced-supercomputer
Dorsey has already shown who and what he is. Do not be deceived by the likes of Dorsey.
With the recent massive losses, some, alas, have committed suicide.
NEVER, EVER, commit suicide. There is nothing more important or sacred than LIFE itself. If the worse comes, we leave the body naturally.
🎯this post was excellent 🎯
have been thinking for awhile that Bitcoin has been used to bait the public into acceptance, excitement about digital currencies to ease their on-ramp to CBDC.
really think this was in the WEF Plan... maybe it’s their creation.
hoping that the recent losses prick the bubble and the blind acceptance.
Whatever energy is necessary to separate government from control of the money supply is in my view worthwhile. With BTC, neither governments nor private actors can simply seize it; and if BTC is the store of value, then it deprives governments of the ability to print money to fund things like wars and Covid shutdowns. Anything that tends to disrupt centralized control is humanity’s friend at this point. To fairly assess the energy costs of BTC, one must consider the costs we pay (enormous) to have governments controlling the currency. For a full discussion of the costs of BTC v other currencies, consider this:
https://podcasts.apple.com/us/podcast/the-bitcoin-standard-podcast/id1403202032?i=1000547889794
I knew nothing about bitcoin before reading your essay, Karen. I guess there really is nothing new under the sun. The top 1% rule. The bottom dwellers work all our lives for them. Man chooses evil over good so often now.