Gresham metaphor

Most of the content on the Blockworks Macro channel is pure bitcoin crap. But as usual, the bitcoiners are often the best realists on everything else.

This clip features an old guy talking with two young Bitcoin Bros.

Starting at 36 minutes, the old guy makes a wonderful analogy with Gresham’s law.

Our information has been debased. It’s what the Fed does with its ‘guidance’, it’s what every politician and expert does. You want to create your narrative, shape your narrative. You use your words for effect, not as a description of what you actually think or believe.

Debased speech drives out good speech. We now assume that everything that’s said to us is Bad Speech. It’s being used for effect, not for a description of what the official believes.

The constant use of lying “for the greater good” leads us to assume that everything we hear is a lie. What we have now is a social depression, where the currency of the social world, what we say to each other, has been indescribably debased. And that’s the root of the hollow feeling you started with.

The verbal shit that emerges from government and media and corporations and academia is worse than debased. It’s poison, explicitly designed to kill the mind and soul of everyone who touches it. It has negative value, and it can’t possibly be used for real transactions. Everyone knows it. People are hoarding the good currency of accurate observations and valid logic, keeping it out of social media where it WILL be corrupted and the holder WILL be punished for trying to use it.  When dealing with the torturers, we give name, rank and serial number. Nothing else.

Unfortunately the rest of the video goes into the usual Bitcoin crap, assuming and assuring that all of this evil can be solved by “decentralized” “trustless” “ledgers”. We can solve the problem by taking control of the Metaverse so Zuck can’t define it.

Nope, that’s not the answer. I don’t know what the answer is.  Well, actually I do, but I’m not going to say it for the above reasons.

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