Tag: Bitcoin
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More on the two pies
Continuing from here, on the economic similarity and political distinction between the tech IPOs (unicorns) and the bitcoin world. There’s another similarity, less obvious but possibly more important. Both of these Innovative Disruptions depend on massive quantities of cheap energy. In other words they depend on COAL. Bitcoin is being starved from two sources. The…
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Two pies on the menu
Speaking of Tau, here’s a half-baked thought. Bitcoin and tech unicorn IPOs are opposite political sides of the same economic bubble. Both are aimed at the same demographic group of suckers, young white males. The economic pied-piper is identical for both styles of pie. Standard bubble technique, practiced for 400 years. 1. Central banks blow…
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The ultimate website for Scrip
For many years I’ve been trying to make the point that bitcoin is the EXACT OPPOSITE of decentralized. When all transactions are made and recorded on ONE SINGLE LEDGER, and the ONE SINGLE LEDGER is contained inside NSA’s web, you are ultimately and infinitely centralized in the worst possible way. Ordinary currency is naturally decentralized.…
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Reprint on pure math
The two ‘missed points’ in previous item combine neatly to inspire a reprint from last year. = = = = = Normal people correctly associate heft with value. This makes sense in most real products. A car or house built with thicker materials and bigger beams WILL last longer, and WILL be more resistant to…
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Terrible idea.
US Congress and UK Parliament are starting to consider regulations on bitcoin. Terrible idea. 1. Regulating after the fools have lost their money won’t help anyone. If you’re going to protect fools from voluntarily losing their money, you need to do it on the boom side, not the bust side. The bust itself cures many…
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Schadenfreude is never tiring
I’m repeating this picture happily. Schadenfreude about bitcoin never gets tiring. A refreshing drink on a hot day. Musical accompaniment. Via Wolf Richter: Goldman created Coinbase to rope in the greater fools. Now that the Fed counterfeit press has stopped, bitcoin has stopped. After the “value” of Coinbase dropped from $400 to $40, Goldman is…
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Changed assumption
Thinking about the bitcoiners following their gurus, and thinking about the Google guy with his beloved AI, leads to a counterintuitive conclusion. There are always lonely people who fall into cults, and there are always poor people who fall for gambling and lotteries. A functional civilization should try to minimize those problems in two ways.…
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Mon[]ey
The California restaurant that claimed to accept monkey-style bitcoin for payment has stopped accepting monkey-style bitcoin. It still accepts nasty old fiat money. I suspect they only took one actual “payment” in monkey money, for the promotion, before they switched from monkey money to money money. Apparently the monkeyburgers weren’t actual monkey meat but nasty…
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Squirrels all over the place!
As usual we have a clusterfuck of misdirections about inflation. The media and their DNC bosses are straightforwardly blaming Putin’s reclaiming of Russian territory for our 40-year internal destruction of our own economy. This is so blatantly stupid that nobody is bothering to discuss or refute it. Everyone recognizes that inflation has been rising for…
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Valid reason then, not now
Denyse takes down Sabine, but not quite far enough. Hossenfelder: A lot of media coverage on science policy remembers that science is fallible only when it’s convenient for them. When they’ve proclaimed something as fact that later turns out to be wrong, then they’ll blame science. Because science is fallible. Facemasks? Yeah, well, we lacked…
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Best card-counting strategy
MindMatters hosts Sal Cordova for a second podcast. This one includes details of card-counting systems used in blackjack. The systems require considerable skill and give you at most a 1% advantage over the house. If you can maintain a 1% advantage and control your betting, you can compound a pretty good pile in one night.…
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Speaking of repetition
Speaking of repetition in news, and speaking of the delicious collapse of Bitcoin….. Ctrl-C, Ctrl-V, change one word.
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Numbers all the way dooooooooooooown
Musical accompaniment. Time for a sip of Chateau Schadenfreude, now that the Holy Bitcoin has dropped off the scale at $20k. This number is not just a ‘chartist’ threshold. Some crucial loans and margin calls were designed to be triggered at this number. When your fake “economy” is built on Magic Numbers All The Way…
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Ultimately it doesn’t matter
For a long time I’ve been observing the Bitcoin Balance. Among influencers, the bitcoin realists are ferociously anti-realist on all other topics. The realists about most topics are enthusiastically selling bitcoin. Sometimes I find it hard to maintain realism about bitcoin. The anti-coiners are solidly and screechily Woke, following all ESG and WEF ideologies. Do…
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Real work vs abstract “work”
One of the many simultaneous and delicious collapses in the bitcoin/NFT world: After playing up how Axie Infinity had “created hundreds of thousands of jobs in the Philippines” and other locations where salaries are low, Axie Infinity has crumbled. Some players had quit their traditional jobs to become full-time Axie players, and for a few…
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