Bitcoin Isn’t Novel, Nor Is It Needed

Bitcoin isn’t an asset. It isn’t a currency. What you are buying is a serial number in a computer system. It is a stupid idea, a bad product, and ultimately just a fraud. But calling it the original is wrong, and dangerous. Thinking that BTC was the first cryptocurrency (in 2009) is misleading because it communicates the lie that it’s only 13 years old now. In reality, BTC was 20 years late anyway.

Bitcoin isn’t a worthy thing to save. If 115,000,000 people have decided to store their wealth in cryptocurrencies (as Mike from Y said this morning on CNBC) that is a big shame for them. It is never going to materialize by the time they need it. The “HODL” crowd believes in the infinite potential of their nothing-burger. That’s because they haven’t needed to liquidate assets in order to retire yet.

Bitcoin Isn’t Viable, It Never Was

A lot of them were making too much money working for other useless enterprises like Twitter.com or the modern news industry. With those people getting wiped out, and laid off, they are going to be reaching for safer options to get paid and save money. That will form a long-lasting cascade to hopefully send cryptocurrencies back down to the underground for another 20 years or so.

Bitcoin isn’t more than the world’s most boring E-Sports competition.

All of the “cryptocurrency exchanges” should be eliminated post haste.

Stop Lying, Already

There is no “store of value.” People aren’t even required to have their own server to store their wallet. If they did that, it would no longer be “de-centralized,” but users could remain anonymous. They would have had more access to their own version of capital (even if it’s fake) in the case of an FTX downfall.

Once a critical mass is reached of people who pull their money out of this system, it will fall faster.