Tales From The Crypto Casino
After the fall of FTX, the markets are wondering what will be the future of cryptocurrencies. There was never a reason for this concept to exist, and there is no reason for it to be a $400,000,000,000 market at all. However, if the public has decided they want to be degenerates on their mobile phones, then somebody should take over and control it like the casino game it really is: like MGM or Wynn.
Maybe Draft Kings. States could even replace some of their antiquated lottery schemes with digitalized versions that mint limited tokens that are exchangeable for actual value. That way there would have to be liquidity backstops and the thing shouldn’t ever really grow larger than the casino can cover. Casinos also have insurance plans to help them if they got robbed or taken down by a successful gambler.
The winnings could be capped at $1,000,000 – to make the game finite.
Nobody Wants To Own The House When The House Loses Too
Not a single cryptocurrency has been established to retain value or even be exchanged for much of anything. Just look at how lacking in creativity people in this space are. They could easily add a design to each coin they mine, or visualize it as a bill or some kind. That way there is at least some human component which would identify it as having meaning. Binary code on rented servers ain’t it, chief.
The collapse of this sector is evidence that not all fiat currencies are created equally. But in the case of cryptocurrencies, there is no house – so even the house can’t win. It’s a game designed to fail right now.
Equal Opportunity Failure
When you look under the hood, at the founders of companies like this, they have a generally anti-human outlook. It hides beneath their often fabricated innocent looking demeanor, but there is a sinister quality to it. Take the case of Sam Bankman-Fried or the two men he was compared to: Warren Buffett and Bill Gates. All three play off the sympathies of the “neuro-diverse” crowd, making them impervious to many critiques. But if you treat all people equally, you can say freely that all of these guys are douche bags.
When people say, for example, that Bill Gates “built a great company,” time will still tell. What do we mean by “great” when it comes to Microsoft, for example? If achieving a gigantic market capitalization for a brief period of time is your only criteria, than yes, MSFT was great. Will it still be great or be great again, is anybody’s guess. Similarly, with Warren Buffett, when it is revealed that Berkshire Hathaway is a gigantic Ponzi scheme, will he still be regarded as great? Probably. That’s the sickness of our society.
Cash Out, Or Ass Out
Back to the point: “cryptocurrency” the word is the most valuable thing there. It – the word – is all that was ever worth anything. Everything else built on top of that is bullshit. It aways was. Always will be. If this space wants to legitimize itself they should just take it from the ally of the casino to the casino floor.
But take it all off the public stock exchange. Make it harder to get into, because it’s just a crap shoot.
