I have never understood or had anything to do with Bitcoin. It always seemed sketchy to me and after what you just said, which prompted me to do some more reading, it REALLY does. Thank you for sharing that.
Whether or not there is an agenda and corruption with crypto, it is not tenable. No intrinsic value (just like fiat we all don't like), too complex to use (setting up wallets, passwords etc), dependent on internet, developed by these shady and/or egomaniacal personalities, and too f'king similar to CBDC (digital currency, what??). My philosophy - I don't understand it, I'm not investing in it or using it.
I have absolutely no understanding of Bitcoin or any of the other funny money. But it appears that PT Barnum is still correct: There's a sucker born every minute. And snake oil is still for sale.
I still do not understand even the theoretical use case for cryptocurrency. I can't think of one practical situation where it can do something that regular digital money cannot.
The only thing it can do is give the centralized federal gov't control of our money. And the more things they control about our daily life, the easier it is to control our behavior. Gov't CDBCs would lead to a very dystopian society, I fear. It has already started in China. The problem with any kind of capitalism is it gives people personal autonomy. federal CBDCs would take that control back. (They are already talking about putting spending limits on the EU CBDCs before sending auto-notification to the gov't on how you are spending your personal money.) Who in their right mind would want or allow that?
Another great article, Karen. I thought the same thing when I saw this! I wonder if this is simply a setup to usher that into the U.S. and if the banks are colluding with the government, how do we push back against this wave of tyranny and control?
I don't use one. Not an easy choice and it makes life more complicated, but it seems like we're sacrificing too much on that altar of convenience, and, looking back, it was also like a leash. Also, Happy Thanksgiving!!
The world system as we know it is grinding to a close exactly as The Bible said it would....CBDC is going to be used in the Antichrist economic system especially because its programmable and if you don't comply with their ESG your access to your money will be turned off or limited....maranatha!
This is a really good substack article by Jordan Schachtel about Sam Bankman-Fried's commitment to his philosophy of effective altruism - which he used to justify his massive crypto ponzi scheme. A worthwhile and informative read:
I meant to put my comment here. That article came into my inbox shortly after I published mine. Really fascinating. I'm sure this story will keep growing.
Yes that article came into my inbox shortly after I published mine. Really fascinating.
FTX crashed because of:
Putin
Trump
Climate change
Racism
Sam is Fried!
People who got into crypto had more cents than sense.
I have zero sympathy for them.
They were playing digital monopoly money with fiat money.
Bitcoin = Bitcon
It certainly got a lot of people more comfortable with the idea of "digital currency". Maybe that was the point.
That is a good point! An excellent point! With early punters making good money, turning it into one giant lottery.
I am surprised that otherwise intelligent people have fallen in love with it.
I am on the net record saying that I have zero sympathy for any one losing money with bitcon. They have more cents than sense.
Remember that crypto was crafted by the NSA!
I have never understood or had anything to do with Bitcoin. It always seemed sketchy to me and after what you just said, which prompted me to do some more reading, it REALLY does. Thank you for sharing that.
Whether or not there is an agenda and corruption with crypto, it is not tenable. No intrinsic value (just like fiat we all don't like), too complex to use (setting up wallets, passwords etc), dependent on internet, developed by these shady and/or egomaniacal personalities, and too f'king similar to CBDC (digital currency, what??). My philosophy - I don't understand it, I'm not investing in it or using it.
I have absolutely no understanding of Bitcoin or any of the other funny money. But it appears that PT Barnum is still correct: There's a sucker born every minute. And snake oil is still for sale.
I still do not understand even the theoretical use case for cryptocurrency. I can't think of one practical situation where it can do something that regular digital money cannot.
That's because you have too much common sense.
The only thing it can do is give the centralized federal gov't control of our money. And the more things they control about our daily life, the easier it is to control our behavior. Gov't CDBCs would lead to a very dystopian society, I fear. It has already started in China. The problem with any kind of capitalism is it gives people personal autonomy. federal CBDCs would take that control back. (They are already talking about putting spending limits on the EU CBDCs before sending auto-notification to the gov't on how you are spending your personal money.) Who in their right mind would want or allow that?
Your 'regular money' is losing value at an alarming rate. How many trillions will be printed in 2025? 2030?
Another great article, Karen. I thought the same thing when I saw this! I wonder if this is simply a setup to usher that into the U.S. and if the banks are colluding with the government, how do we push back against this wave of tyranny and control?
We might just have to throw away our smart phones. But who will do that?
I don't use one. Not an easy choice and it makes life more complicated, but it seems like we're sacrificing too much on that altar of convenience, and, looking back, it was also like a leash. Also, Happy Thanksgiving!!
The world system as we know it is grinding to a close exactly as The Bible said it would....CBDC is going to be used in the Antichrist economic system especially because its programmable and if you don't comply with their ESG your access to your money will be turned off or limited....maranatha!
This is a really good substack article by Jordan Schachtel about Sam Bankman-Fried's commitment to his philosophy of effective altruism - which he used to justify his massive crypto ponzi scheme. A worthwhile and informative read:
https://dossier.substack.com/p/the-true-believer-how-sam-bankman?utm_source=post-email-title&publication_id=69009&post_id=84140686&isFreemail=true&utm_medium=email
I meant to put my comment here. That article came into my inbox shortly after I published mine. Really fascinating. I'm sure this story will keep growing.
Bitcoin has got to have something going for it if there are 10,000 knockoffs now.