Bitcoin, not ‘Crypto’
“Crypto” people are notoriously optimistic. So much so, that they will walk right into ponzi schemes, traps and fatality-inducing-rube-goldberg machines that wipe them out emotionally, financially and psychologically.
Of course, at this point, their unfounded optimism evaporates into the ether. Pun intended.
Unlike the blindly optimistic culture in the crypto world, focusing on Bitcoin makes for a more discerning and informed approach. The crypto world is driven by unrealistic expectations of overnight riches, a desire for fame and recognition, and the promotion of false narratives to support questionable business models. These distractions take away from the true value and potential of a transformation of the global monetary system.
Bitcoin, as the original and ‘immaculately conceived” cryptocurrency is poised to become global digital money, on a global, immutable, uncensorable network, upon which incredible new products, services and abstractions can be built.
The future is not Crypto, it’s not Blockchain, it’s Bitcoin.
Before we delve into the madness that is “Crapto”, let’s get the record straight on one thing: 'Blockchain technology' being framed as some sort of revolutionary innovation is nothing but a misguided fantasy.
Its promised benefits of reduced trust and security are actually mis-understandings of what it is that actually makes bitcoin trustless and secure, ie; it’s not just the ledger, stupid, but the fact that this ledger is distributed on a network that is low cost and open-to-the-world for verification. The subsequent collective cost associated with this open-verification (known as “proof of work”) is the central component of the Bitcoin recipe that delivers security and trust minimisation. Blockchainers, in a bid to sell an overpriced database, conveniently forget, ignore this, or are just oblivious to the facts.
Alternate solutions such as backups, centralised databases, or cryptographic receipts are overlooked while being more effective at achieving the same goals without the price tags, but the 'blockchain technology' consulting industry is incentivised to keep the charade going because it pays the bills.
We need to be honest with ourselves. Bitcoin is a proven monetary technology operating on an immutable digital network. This structure gives us all of the supposed benefits that overhyped and underperforming “blockchain technologies” say they do - but it works, and it’s here now.
Shitcoin snake oil
Altcoins, more accurately referred to as "shitcoins," are built around misleading information spread by the promoters of these coins. Falsely promoting their altcoins as the next Bitcoin, the people mislead inexperienced investors into believing they will see similar financial gains to Bitcoin’s sub 1c to current $21,000 appreciation. They’re told this new shiny altcoin solves an issue within Bitcoin, while ignoring the fact that these ‘issues’ are deliberate trade-offs made to preserve Bitcoin's censorship resistance.
Even when the shitcoin creators/marketers do not market their shitcoin as potentially outcompeting Bitcoin, the narrative has become such a norm that the starry eyed “Crypto” enthusiasts fool themselves, believing that they have “missed the boat on Bitcoin” and thus choose to gamble on a shitcoin, in the hope that it will “go 10x” or “moon”.
It’s become a degenerate game of blind gambling in the hopes of acquiring riches for doing nothing useful. It’s no wonder the world we’re living in feels like an episode of the twilight zone.
Carl Menger told us more than a century ago that being the most saleable (think liquidity) commodity, is that which becomes money. Even though Bitcoin is young, it is by orders of magnitude the most salable cryptocurrency, and in fact, is already one of the most salable commodities in the world.
More and more people, every day, are willing to hold part of their savings in Bitcoin and even cash out in Bitcoin. In fact, the majority of the shitcoin promoters and creators don’t even hold their own coins, but create them, sell them to the public, then turn their winnings into Bitcoin! Look at the foundation that set up EOS. They are one of the largest holders of Bitcoin in the world. How did they get it? They sold a shitcoin, now worth almost nothing, to millions of idiots around the world, in exchange for Bitcoin.
What a trade.
No other cryptocurrency is anywhere near as saleable and because of how liquidity begets further liquidity, no shitcoin, monetarily speaking, has any chance of overtaking bitcoin.
And furthermore, because of the extremely strong benefits of transacting on the same money as other people, the market for money is generally a winner take all. Which means that we’re still ridiculously early.
The train is still at the station, but instead of buying a ticket, which costs more each day, you’re buying snake oils from the scumbags on the platform.
There are more important things to do with your life
The ideal way to ensure the sheep get led to the slaughter is to encourage them to run in that direction, of their own accord. In fact, you may even be able to get them to buy their own ticket to the slaughterhouse.
This is what Ethereum and the broader VC backed shitcoin industry is.
An expensive ticket to your own spot in the techno-gulags of the 21st century.
The crypto-bros, whether larping about freedom or chasing ‘muh gains’, don’t even realise they’re trading freedom money for some digital monopoly money issued by your two new masters; Klaus Schwab and Vitalik Buterin (the latter being a younger clone of the former).
Free money and air-drops suck you into the racket. You trade your sovereignty for the free scraps wiped off the table (network) your overlords eat at.
It’s a racket. You have to realise that nothing in life comes for free. There is always a cost. In this case, it will be the cost of your own self worth and self ownership.
If you’re one of the rare few strong enough to avoid that siren call, then have the humility and courage to not be one of the opportunists who acquires the scraps first to on-sell to the others. That does not make you better. Rolling your own shitcoin and profiting off the lemmings makes you complicit.
Men with integrity are those who can show restraint, and in a world where sound values are continually being eroded and structures are falling apart, restraint is an asset the best of us must necessarily possess.
Why do we have Bitcoin in the first place?
There are many reasons, but to sum a few of them up, Bitcoin is:
The removal of “rulers” or “issuers” of money.
The removal of monetary inflation.
The de-monopolisation of Money, forever.
The placement of money into the realm of physical / natural laws.
The fusion of energy (universal ‘physical’ currency) to money (in the metaphysical sense)
The magnitude of this achievement is staggering and the inability for people to comprehend it is both mind-numbingly frustrating, but also expected, considering the nihilistic pets humans have become.
Perhaps the words on this page jolt you. Or perhaps I’m yelling at clouds. I do not know, but I will try my best to remind you that; Fiat is the Enemy, in every sense of the word and in every incarnation. Shitcoins are just replicating the fiat we already have, but on a more digital standard, in a clear attempt to build technocratic oligarchies.
Do you want to give one of the shitcoiners, who are no different to Bill Gates or Zuckerberg ultimate power over you? It’s either that, or you’re just giving it to morons who’ve no clue what they’re doing.
Supporting shitcoins is not only a path to financial bankruptcy, but it is morally bankrupt. You’re supporting not only the scammers who create them, but you’re helping lead other sheep to the slaughter AND you’re just slowing down the best chance we have to break the abomination that is The Central Bank Supported “State.”
The unseen harm done in all this
Frederic Bastiat and Henry Hazlitt, emphasised the importance of considering both seen and unseen consequences. The unseen consequences are those which you do not count. They’re the depression caused by lockdowns, the broken families, the intangibles that the pencil pushers and central planners don’t count because they regard them as irrelevant.
Think about how many talented developers and entrepreneurs have launched businesses that were bound to fail from the beginning, and how much of society's limited resources and capital have been wasted on shitcoinery. These resources could have been utilised to advance the development of Bitcoin and the Lightning Network, or to establish more sophisticated and capable Bitcoin-related businesses that assist customers in acquiring, using or securing their Bitcoin.
"Crypto'' enthusiasts need to wake up. The influencers you follow are promoting shitcoins for their own gain. The crypto “projects” you’re supporting are milking you for their own gain. Neither of them care about you, and neither have any regard for the actual merit of what they’re building.
You are at best, exit liquidity for venture capitalists and whales.
At worst, you’re a tagged sheep buying your own ticket to the techno-gulags of the early 21st century.
Both paths lead to slavery.
Only Bitcon leads to Freedom.
The choice is yours.