Here’s a silly hypothesis.
Bitcoin is a digital demon who specifically preys on realistic people.
I’ve been observing in the last three years that most HARDASS realists, people who seem to grasp the overall picture of the world AS IT REALLY STANDS, are also selling Bitcoin. It’s a peculiar exception. Why should firm and consistent NON-SUCKERS**, who don’t fall for any other nonsense, fall hard for Bitcoin?
Latest example: @Jack was running Twitter with more regard for reality than the other big social media monsters. When he wrote about his motivations, and when he answered questions in Congress, his answers seemed consistent with his genuine actions.
Now it turns out that he quit to spend all his time on Square, his other business. Why does he want to go fulltime on Square? So Square can become bitcoin.
Their ‘founding document’ shows the persuasive methods openly and transparently, grabbing onto genuine reality and using it as a springboard into lunacy:
As we create this future, we also have to be realistic about where we are today. The vast majority of people receive wages and pay for goods and services in fiat currency. They must pay taxes in fiat currency. So how do we unleash the potential of bitcoin and decentralized financial infrastructure, when most of us still live in a world of fiat? To do so, we need to build bridges between the fiat and cryptocurrency worlds.
There are two layers of unstated false assumptions here. 1. Crypto is a real world of commerce that can replace the “old” fiat. 2. Crypto is decentralized.
There are serious challenges to realizing this vision. Fiat rails are regulated, and no interface with either the traditional monetary system or “real world” can be completely trustless. We can’t atomically swap a crypto asset with a physical good or service. Nor can we atomically swap a crypto asset for fiat currency or real world assets that require social trust.
Here the outright unreality is slammed in your face with no preparation. The document states openly that crypto can’t be used for commerce. The document then recognizes openly that TRULY DECENTRALIZED transactions require trust.
Grabbing the board of reality: Money and checks and Scrip are useful. This is not a problem that needs a solution.
Leaping off into the air: We will solve the problem of money, AND we’re not a solution to the problem of money.
How do they get back on the ground?
Instead, the tbDEX protocol allows participants to negotiate trust directly with each other — or mutually and voluntarily rely on trusted third-parties to vouch for the counterparty. Transaction costs are ultimately driven by risk. At maximum anonymity, transaction costs will necessarily be higher; at maximum disclosure, they should be lower. This approach to price discovery allows the marketplace to find the right balance.
Sticking the landing: You can still conduct ordinary transactions through ordinary banks, or personal transactions through physical currency or checks. We won’t try to replace either type of transaction. Instead, we will SIT ON TOP OF THOSE TRANSACTIONS AND CHARGE YOU A FEE for the privilege of wasting your time and energy with no purpose whatsoever.
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**Footnote for calibration: I am NOT a consistent non-sucker. I do a good job of detecting frauds in science and economics, but I’m fooled every time by military and political swindles. Every ‘color revolution’ and fake populist looks wonderful to me at first. I never learn in those areas.