“You know, I like money, but instead of being backed by the full faith and credit of a sovereign government that’s been around for centuries, I wish it were backed by a 26-year-old Brooklyn neckbeard named Steve.”
-- No one, ever
I was on a federal grand jury for six months. Crypto is for illegal guns, drugs and pornography. That’s it.
(BTW: Flying cars? Sounds like a great idea until you remember that other people would have them too. People drive badly enough with lanes and traffic lights and speed limits already, thanks.)
I hear "I do not understand Crypto" an awful lot, and they're not wrong - they're just blaming the wrong people.
I *do* understand crypto, and have since it was priced at $0.50. THERE IS NOTHING THERE TO UNDERSTAND. All the claims and hype and hope and other drivel are based entirely on air.
Crypto is, plain and aimple, the "numbers" or the "Irish lottert" as run at the turn of the previous century, in all aspects. Cheats, scam, "shared tickets", occasional big winners for show - all of it
Again: you understand *perfectly* well - THERE IS NOTHING THERE TO UNDERSTAND.
"mining" provides a delusional sense of fairness and participation to the participants. well-resourced participants are "the house" and get a steady rake-off. chumps hit a jackpot once in a while, funded by other chumps.
Indeed, the entire thing is best thought of as a casino, where you trade your real money for the house chips, which you probably lose. But even if you don't lose, you may struggle to find a cashier's desk to exchange the chips back to real money. Then you have to try and offload the chips onto other punters.
The whole thing is a fake economy, and if you buy in, you're someone else's exit liquidity: you've paid cash for their chips, and now you have to find someone who will pay you more for them than you did. Good luck.
At least overpriced tulip bulbs will bloom when you plant them
“You know, I like money, but instead of being backed by the full faith and credit of a sovereign government that’s been around for centuries, I wish it were backed by a 26-year-old Brooklyn neckbeard named Steve.”
-- No one, ever
I was on a federal grand jury for six months. Crypto is for illegal guns, drugs and pornography. That’s it.
(BTW: Flying cars? Sounds like a great idea until you remember that other people would have them too. People drive badly enough with lanes and traffic lights and speed limits already, thanks.)
I hear "I do not understand Crypto" an awful lot, and they're not wrong - they're just blaming the wrong people.
I *do* understand crypto, and have since it was priced at $0.50. THERE IS NOTHING THERE TO UNDERSTAND. All the claims and hype and hope and other drivel are based entirely on air.
Crypto is, plain and aimple, the "numbers" or the "Irish lottert" as run at the turn of the previous century, in all aspects. Cheats, scam, "shared tickets", occasional big winners for show - all of it
Again: you understand *perfectly* well - THERE IS NOTHING THERE TO UNDERSTAND.
Very well said and on point. You’re an excellent writer.
Crypto is pretty easy to understand ultimately. Two words do the job of defining it accurately: Ponzi Scheme.
"mining" provides a delusional sense of fairness and participation to the participants. well-resourced participants are "the house" and get a steady rake-off. chumps hit a jackpot once in a while, funded by other chumps.
Indeed, the entire thing is best thought of as a casino, where you trade your real money for the house chips, which you probably lose. But even if you don't lose, you may struggle to find a cashier's desk to exchange the chips back to real money. Then you have to try and offload the chips onto other punters.
The whole thing is a fake economy, and if you buy in, you're someone else's exit liquidity: you've paid cash for their chips, and now you have to find someone who will pay you more for them than you did. Good luck.
okay but u need a credit card for safety reasons 🥺
Is there anything that a credit card can solve that I can't also solve by crying a lot?
fair point tears are priceless
This newsletter was art.