Priem19

Financial demagoguery.

Work less. I realize one can't just go up to their employer and say “I'm gonna work 3/4 or 1/2 now.” And it depends on how far above or below your means you live. However, we need to get people talking about this. Don't live to work, work to live. Unless you've hit the jackpot and do something you love getting up for in the morning.

Until such time as central banks cease to exist, bitcoin will also continue to provide a convenient method for holders of this currency to avoid paying taxes to fund all of the waste and corruption not only in the federal reserve banking system, but in other government agencies as well.

As long as humans are selfish and ignorant, so will the governments. Technology is going to do bugger all to defund wasteful enterprises, let alone a pyramid scheme.

Then don't reply.

“Simply because cancer occurs naturally doesn't mean we shouldn't treat it. In the same vain, sometimes the “free market” just screws up, requiring intervention.” —https://www.cynicusrex.com/file/cryptocultscience.html

Bitcoin and cryptocurrencies in general are pyramid schemes. They deserve no place in the economy.

“Fractional reserve banking. Since bitcoin hasn't lived up to its original vision, it caused a periodical shift in narrative and splintering of its early core developers and adherents. Currently its 21 million coins cap is the last remaining “perk”* assuming the code won't be altered. This artificial scarcity might make for an attractive appreciating asset, like postage stamps—because “one man's trash is another man's treasure”—but it does not stop fractional reserve banking. Just as governments went off the gold standard, they can get off the envisioned bitcoin standard. And just as banks lend out money that doesn't exist, exchanges can lend out bitcoin that don't exist, which already happens (24). As predicted by one of its earliest pioneers:

“I see Bitcoin as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking. Banks could issue digital cash with greater anonymity and lighter weight, more efficient transactions.” —Hal Finney (25)

While his prescience is eerily accurate and impressive, it lacks imagination. The irony is that this envisioned system breeds the same environment that led to the 2008 financial crisis, which instigated the development of bitcoin. My point here is not that fractional reserve banking is fundamentally bad. I don't think it is. My point is that if fractional reserve banking is good then bitcoin is redundant. Whereas if fractional reserve banking is bad then bitcoin is redundant as well because it does not prevent it. Once more, prosperity boils down to good policy and governance.” —https://www.cynicusrex.com/file/cryptocultscience.html

I think you seriously underestimate how ugly society would get if the government went bankrupt, and how quickly bitcoin would be rendered useless. Moreover, if governments are corrupt on fiat, they'll be corrupt on bitcoin as well.

By which I mean to say: the greedy rich wanting to preserve or increase their wealth at all costs is what got us into this mess. Bitcoin or any other cryptocurrency pyramid scheme is going to do bugger all to improve that. No amount of wealth or technology will turn vice into virtue because: “If you have selfish, ignorant citizens, you're gonna get selfish, ignorant leaders.” —George Carlin

Prosperity boils down to good policy and governance. Thus, good people. Unfortunately, as far as I've seen, cryptocurrencies have produced some of the worst kind of people.

Also expect a ton of movement to crypto when wealth taxes get implemented to fix economies. They'll use it to hide assets, guaranteed.

Money corrupts; bitcoin corrupts absolutely. Disregarding all of bitcoin's shortcomings, a financial instrument that brings out the worst in people—greed—won't change the world for the better. https://www.cynicusrex.com/file/cryptocultscience.html.

I used time-travel to uncover three secret messages hidden in a popular Bitcoin meme – “This meme is designed to exploit a number of weaknesses in our understanding of money, and to play on our fears. I’m going to show you how it does it, and why.” https://brettscott.substack.com/p/bitcoin-meme-time-travel.

I'm glad you used an adjective because the majority of children I teach would beat most cryptocurrency eschatologists in one fell swoop at a maturity contest.

The most sophisticated pyramid scheme ever, hidden in plain sight; so obvious that everyone second guesses themselves. “They all seem to be going along, I guess I must be wrong.”

Money corrupts; bitcoin corrupts absolutely: https://www.cynicusrex.com/file/cryptocultscience.html.

I stopped meditating when I wasn't able to laugh any more. I was at a friend's house, sitting comfortably on a couch. I passed my phone and showed my friend and his girlfriend a funny video. They were laughing out loud and so was I, until I became conscious that I was laughing. Similar as to how meditation requires you to be conscious of your breathing. I immediately stopped laughing, and became super serious. Fortunately they didn't look at me and were glued to the screen. It felt remarkably uncomfortable. I tried to laugh again but couldn't, hoping they wouldn't notice. Fortunately I could remain composure and go along but I was desperate to get out of there. At that moment I decided to stop meditating and replace it with going for a walk in nature.

Of course: “Buy CTASK”; take your pyramid scheme elsewhere. Money corrupts; bitcoin corrupts absolutely: https://www.cynicusrex.com/file/cryptocultscience.html.

I wish I could reply with a nuanced take, but I can't. Ban these cryptocurrency pyramid schemes already. https://www.cynicusrex.com/file/cryptocultscience.html

I added a paragraph clarifying my stance on fractional reserve banking. That section could've indeed been easily misinterpreted. Thank you.

No it's not. Your argument is a straw man fallacy: https://en.wikipedia.org/wiki/Straw_man.

“This article has some substance to it that is worth discussion”

Thank you, I appreciate that.

“sheer amount of ad hominem in it.”

I wouldn't say sheer, but admittedly yes, I couldn't help myself since that's part of the reason I opted out. I just don't like to invest in things associated with shady people. And if calling Saylor shady is an ad hominem, then I'll live with that. Rebuke accepted.

“The USD is also owned by terrible people, and is used to fund terrible things.”

This is whataboutism which I mention in the article as well.

“but to project their own case of that on all Bitcoin enthusiasts is completely unfair.”

I'm not doing that, or at least it wasn't my intention. That's why I opened with “Realizing the extent”. By using “extent” I mean a lot, not everyone. That why I also added: “So, governments are not without faults, but likewise not the evil bogeymen as many people make them out to be, and neither are bitcoin enthusiasts.” I am definitely aware that not everyone is toxic. Although I could've given it some more weight throughout the article. But I stand by my observation that cryptocurrencies really are the most toxic communities I've ever encountered, on par with religious fanatics. Anyway, I'll look where I can add some extra nuance.

“Some of the smartest engineers I know work on Bitcoin”

Anyone can say about anyone that they're the smartest people they know. It carries zero validity. I'll just copy-paste my reaction to an identical comment, https://news.ycombinator.com/item?id=26448833:

«“you'll see some of the smartest engineers of our generation working real hard”

“I've been reading those cheap empty words way too much lately. Unless they are the likes of John von Neumann I'll just assume they're people of average intelligence working on things that look incredibly intimidating to outsiders.”

Also, an excerpt from Marcus Aurelius - Meditations: “How corrupt and two-faced is one who claims, 'I intend to be fair and honest in my dealings with you.' What are you up to, my friend? There is really no need for this preamble. The matter will soon become plain. It should be written on your face,* it should ring out immediately in your voice, and shine out at once in your eyes, as the loved one at once knows everything about his lovers from the manner of their glance. In short, a good and honest person should resemble one who smells like a goat in this respect, that anyone who comes near him is immediately aware of it whether he wishes it or not. But the mere pretence of simplicity is like an open blade. There is nothing more odious than the friendship of the wolf for the lamb; avoid this above all. A good, straightforward, and kindly person reveals these qualities in his eyes, and they will not escape you.”»

That being said, I appreciate your civility. Have a great one.

Skateboarders, rock climbers, mathematics, tractor enthusiasts, Britney Spears fanclubs (hence Britney Spears' Guide to Semiconductor Physics http://britneyspears.ac/lasers.htm), book clubs, permaculture, meteorologists, bobbin lacers, et cetera. The world is not as toxic when profit isn't involved.

I chuckled. I know the last sentence was meant as joke but here's an answer anyway: because the dollar is not a pyramid scheme. Whereas any new currency that doesn't have a fair distribution mechanism will be. The earliest adopters in such flawed currencies will always have an increasingly disproportionate amount of the total wealth as it gets adopted. Hence the incentive for communities to spread awareness of their pyramid scheme, whether they realise it or not.

“you'll see some of the smartest engineers of our generation working real hard”

I've been reading those cheap empty words way too much lately. Unless they are the likes of John von Neumann I'll just assume they're people of average intelligence working on things that look incredibly intimidating to outsiders.

Also, an excerpt from Marcus Aurelius - Meditations: “How corrupt and two-faced is one who claims, 'I intend to be fair and honest in my dealings with you.' What are you up to, my friend? There is really no need for this preamble. The matter will soon become plain. It should be written on your face,* it should ring out immediately in your voice, and shine out at once in your eyes, as the loved one at once knows everything about his lovers from the manner of their glance. In short, a good and honest person should resemble one who smells like a goat in this respect, that anyone who comes near him is immediately aware of it whether he wishes it or not. But the mere pretence of simplicity is like an open blade. There is nothing more odious than the friendship of the wolf for the lamb; avoid this above all. A good, straightforward, and kindly person reveals these qualities in his eyes, and they will not escape you.”

First, I'm happy to finally see a blockchain project that isn't accompanied by its own token, and therefore isn't pursuing a quick cash grab, nor incentivizes gambling.

Second, what do you tell your friends and family who ask if they should buy bitcoin? As a former owner, I've become ridiculously wary due to the shady individuals behind it. If the price is propped up with shady fiat money and imaginary exchange tokens, what guarantees that the bitcoin price reflects the true supply and demand?

It's all become about money. I fucking hate this state of society.

Article added to https://www.quitfacebook.org. Thanks.

That looks seriously sweet. Love it.

How about just focusing on delivering a p2p crypto payment that is actually cheap, fast and preferably eco-friendly like what Satoshi envisioned in the first place?

https://www.chia.net seems to be a promising candidate to deliver that vision. I read their “green paper” and watched some interviews, and they seem to have jumped through the regulatory hoops already, in the hope to become a legitimate use case for institutions and governments. Also, it's founded by Bram Cohen, the inventor of the BitTorrent network.

I wonder how Andrew Yang's going to make sense of his advocacy for bitcoin ánd Universal Basic Income.

Article added to my collection on https://www.quitfacebook.org.

Seems like an Is/Ought Fallacy. Also, governments won't willingly surrender their control of the money supply. I think that with one stroke of a pen they could let the price /10 as fast as it went x10.

Moreover, since technology is accelerating ever faster, five years from now is a lot longer than five years starting from 1980.

“This just in: Elon Musk sells Tesla's bitcoin and awards himself the XPRIZE.”

Even if Bitcoin is replaced by something 50, 100 years

How about 5 years?