Tag: Bitcoin
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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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Borodin in Bitcoin
Back when I was listening to shortwave, I noticed that Radio Moscow had a habit of switching to heavy classical music like Borodin and Khachaturian when the regime was in turmoil. I called it the Borodin Effect and began noticing it in other situations. When the media’s script doesn’t have a Correct Line for an…
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Is this also related?
The shutoff of the QE faucet has an obvious and mechanical effect on stock crime and bitcoin crime. All frivolous nonsense is collapsing, which means the ENTIRE bitcoin nonsense is imploding. I wonder if a more subtle collapse is also related. When money is free to the Correct People, the Correct People are free to…
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Joining the guess crowd
Big kerfuffle today: A Dead Man’s Switch on the whole bitcoin crime. The sender claims to be dying, and claims to have monitored conversations between most of the Big Dudes in bitcoin. He mentions three types of crime: Rugpulls and similar scams, sexual stuff, and assassinations. Rugpulls, insider trading, etc, are the opposite of news.…
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Counterfeit is a feature
Over and over again, suckers are losing their money in the Ethereum branch of the bitcoin crime. Ethereum makes it possible to write ‘smart contracts’ which order the blockchain to do certain things. Scammers write ‘contracts’ that empty the bank, or pay them twice what they put in, or tell the bank to ignore the…
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First thought, second thought
Via Molly White’s aggregator: Senators Lummis (R-WY) and Gillibrand (D-NY) introduced the “Responsible Financial Innovation Act”, the first major proposal for cryptocurrency regulation in the US. A press release from Lummis included statements of support from Kraken, Coinbase, FTX, crypto lobbyists, and various other major players in the cryptocurrency industry—unsurprising support for a bill that…
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EXPonential EXPectation reprint
Inspired by NFT stupidity, here’s a reprint from 2018. = = = = = ABSTRACTION is the cause of EVERY SINGLE CRASH in business, government, and ordinary lives. Abstraction has three Ds: (1) Debt. (2) Delusions. (3) Drugs. All three are unsustainable departures from real value and real work and real measurements. Sooner or later…
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Random grumps
A couple of random peeves. = = = = = Most people quote the old saying as Money is the root of all evil. This is wrong in two layers. First and most well known, the real saying is Love of money is the root of all evil. This is still one step away from…
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All the fine old swindles
I enjoy watching the bitcoin idiots “rediscover” and fall for all the old scams. A bitcoin thingy called Solana made a big deal of keeping perfectly accurate time “on the chain”, which is obviously necessary because obviously there are no other clocks in the world. Just like grasshoppers are the only living things that can…
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Not always obvious…
Via Protos, a largely pro-bitcoin aggregator. Crypto billionaire Sam Bankman-Fried’s PAC of choice infused a record-breaking $11.3 million into political candidate Carrick Flynn, whose dramatic loss to Andrea Salinas in the Democratic primary for Oregon’s new 6th congressional district illustrates a hard-learned truth in American politics: wealth cannot guarantee political success. Just ask Michael Bloomberg,…
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Make it look horrible
Kirn points out the cover of the latest Economist, which has returned to “Climate” Emergency as a brief break between “Virus” Emergencies. The cover is a stalk of wheat with skulls instead of grains. Horrible. (Kirn wasn’t really talking about the art itself, but some of his commenters brought out the connection.) This crystallized a…
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Old saying
Wolf has been discussing and expertly graphing the boom and bust cycle. The central banks have finally reversed their boom-machine after 14 fucking years of insanity. Today he notes that the supply chain is starting to loosen up. It’s just the old saying, High prices are the cure for high prices. … But the saying…
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Process about process
The world of pure abstraction seems to be falling down, at least in the economic realm. No mystery about the cause. Since 2008 all the central banks have been pumping false “value” directly into the stock market, with a final huge blowup “justified” by the fake “virus” holocaust in 2020. Now the central banks have…
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