e-commentary

. . .

K          “I have tried everything to avoid reaching a conclusion that goes against a growing orchestrated chorus of vociferous support.  There is no way to avoid it.  Bitcoin, Etc. is digital fiat.  Fiat is fatal.”

J          “No question.  Bitcoin, Etc. is a great fraud and a grand scam.  It is reflective of where we are as a country and as a society.  Everything is mirrors and smoke and smoke and mirrors.”

. . .

K          “Fifteen years ago or so, I met with some of the motley band of libertarians and anarchists who liked the shine of Bitcoin, Etc.  They found a new passion and purpose in life.  In our conversations at the monthly Tuesday night ‘Bitcoin Boosters’ rally, they could not really establish that it was a medium of exchange or a store of value or a unit of account, but they were tickled that it was a bold and blatant rejection of the establishment.  I was intrigued.  I listened.”

J          “And now Bitcoin, Etc. has been co-opted by the Kleptocrats and the Plutocrats who have no interest in co-ops or cooperation.  Bitcoin, Etc. is a story laced with irony and absurdity and surreality.”

K          “A currency must be backed by a bayonet.  The stateless nature of Bitcoin, Etc. lacks a bayonet to compel others to accept it.”   

. . .

K          “Money on some level is a store of energy.  However, the very act of ‘mining’ Bitcoin, Etc. requires one to undertake a futile and useless waste of energy.  No good is produced and no service is performed.”

J          “There is something ironic and absurd and surreal about the process.  The ‘proof of work’ is really a proof of stupidity and futility.  The mandatory mathematical machinations are mindless manipulations.”

. . .

K          “What was once thought to be a private exchange is now on the radar.  The IRS requires a taxpayer to disclose merely owning Bitcoin, Etc. on one’s annual tax return.  No other asset must be disclosed.  Those in power know.”

J          “Yet the ordinary citizen who tries to sell a Bitcoin, Etc. has no idea how the sale process unfurls and unfolds.  Everyone on the inside creates more arcane steps and stops along the way before a Bitcoin, Etc. can be converted into . . . drum roll . . . filthy fiat currency.”

. . .

K          “The zealots believe that the number of ‘coins’ will be capped at 21 million.  Human experience teaches differently.  Caps are always exceeded; a temporary measure always becomes a permanent fixture.  When 21 million ‘coins’ are concocted, more ‘coins’ will be ‘mined’ by ‘forking’ or some other shenanigans.”

J          “And an individual who is not satisfied has no rights and no remedies and no recourse against anyone or any entity or anything.  Someone can only punch into the darkness.”

. . .

K          “Some old ‘sound money advocates’ have decided there is profit in Bitcoin, Etc. and now treat it and tout it as the new sound money.  Call me immediately skeptical of anyone who alleges that Bitcoin, Etc. is sound money.  I maintain a list of its zealots because one’s attitude toward Bitcoin, Etc. is a very stark candid reveal.”

J          “I am not skeptical.  It is unsound money in a world of unsound money.”

. . .

J          “And when the lights go out, the lights go out and Bitcoin, Etc. goes dark.”

K          “The zealots state that it makes the transfer of money across borders easier.  Some of the transfers appear to be for illegal activity.”

. . .

K          “The big players behind Bitcoin, Etc. know that they have enough political stroke to bail out the big players when the cards collapse.”

J          “The digital game is no different than the analog game.  We cannot even claim to have a functioning capitalist system when all the losses of the big players are socialized and all the consequences for the little people are ruthlessly capitalized.”

. . .

K          “So Stablecoin is some mysterious miasmi that weds Bitcoin, Etc. and Treasuries in a way that satisfies those in power who must maintain the relevance of Treasuries in the economic and political system.  Those behind Stablecoin have allied with the government and thereby fixed their bayonet.  The government gets almost absolute control out of what is effectively a Non-Central Bank Digital Currency (N-CBDC) with the big players still running and controlling the economy.”

J          “Is it really ‘stable’ and is it a ‘coin’?  Who knows what it really is.  More smoke.  More mirrors.”

. . .

K          “I do not dispute that the blockchain technology is one of the major building blocks of the future.”

. . .

J          “The big players will make great fortunes.  Once again and without fail, the little people will pay to fund the casino and will lose in the end.”

. . .

[See the e-commentary at “Bitcoin”, “Ethereum” . . . “Blockchain Technology” Say What? (July 3, 2017) and Monkeying Around With Cryptocurrency:  Pumping And Dumping And Monkey Hammering The Villagers (February 27, 2023).]

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