Irresistible attraction

I’ve been hammering on the strange shibboleth of bitcoin. Influencers who are realistic and skeptical about most topics are selling bitcoin. Influencers who are realistic and skeptical about bitcoin are utterly insane about other topics.

At the corporate level this balance doesn’t apply. Nearly all corporations have tried to get on the bitcoin train at one time or another. It makes sense for larger corporations with plenty of spare cash and resources. For them it’s a small bet that could yield a profit. No big deal if it fails.

Bitcoin is an irresistible attraction for small companies that can’t afford to throw money in the toilet. Was it designed and pushed BY large companies for this purpose?

This one caught my attention because I didn’t realize a company was still doing Betty Boop cartoons.

The studio behind Betty Boop decided there was no better time to launch a Betty Boop NFT collection than during a period of record low interest in NFTs (or, more likely, they started the project during the NFT craze and decided they’d sunk too much money into it to pull the plug). The Betty Boop Twitter account announced Boop & Frens, an 8,888-piece NFT collection.

Reception on Twitter was brutal, with one person commenting, “And that’s another one for Beloved Icons Ruined By Pyramid Scheme Bingo”.

Boop’s original writers would have slammed NFT to the ground. Grampy, the Rube Goldberg inventor, would have designed an NFT Machine with an infinite number of useless parts that do a bunch of stuff, leading to ultimate failure.

A company that relies on Twitter for its advertising should be READING Twitter to get a sense of likely success. NFT was an extremely short bubble, peaking for about three months and then totally imploding. Anyone who tries to follow the subject has seen the repeated ultimate failures. If you’ve been spending money on a project that will clearly bring nothing but ridicule, the smart move is to quietly halt the project and avoid the shame. (Every company, small or large, starts a BUNCH of projects that fail for all sorts of reasons. Knowing when to holdem or foldem is an everyday process, not a rare Swan Of Colour.)

Later thought: The word attraction may be the key. For small business bitcoin isn’t about profit. Bitcoin is corporate perfume, corporate eyelashes. If we apply enough bitcoin, we will be irresistibly attractive to those rich venture capitalists cruising the strip in their Lambos.

Old game

I’ve noticed for a while that influencers who are realistic about most aspects of the fucked-up world are also selling bitcoin.

This shibboleth works both ways in a perfect balance. Influencers who are strongly opposed to bitcoin are perfectly orthodox about all other aspects. They agree with DNC/CNN/MSNBC on all topics except bitcoin.

There’s a third group of well-paid professional semi-skeptics. Vice salutes a group of ‘detectives’ who are warning suckers about the subscams within bitcoin, and simultaneously pushing the big scam.

“I’m by no means anti-crypto, but I am anti-scams and there’s a lot of scams in crypto. It’s the wild wild west out there. And the regulators are just a little slow to catch up right now. So the crypto community has to figure out how to self monitor.”

These selective detectives are making a lot of money. Some of them are paid by major bitcoin companies. This is an OLD game. Expert scammers always warn people to avoid the “bad side” of the scam, thus funneling the suckers into the swindler who gives the warning.

There’s gambling in a casino?????!!!!

Astonishingly, JPMorgan turns out to be the power behind Ethereum.

The responses from the cult leaders are predictable:

The same thing that happened with the internet (Web2) is happening to Web3. Stand up and fight for decentralization while you still can and don’t lose focus because of greed.

Decentralization IS greed, you idiot. Decentralization is NSA and JPMorgan and Bezos. The connection was perfectly fucking obvious from the fucking start in the CIA cover story of your fictional demigod Satoshi.

Even without stories, the basic definition should tell you everything. When you tie all economic activity into one “ledger” that has to be rewritten everywhere for every new transaction, you are CENTRALIZING in a way that was never tried before. When this “ledger” lives on NSA’s servers, the center is Deepstate.

Another typical response:

If solving for scalability was trivial, Ethereum would have done it by now. There’s only one way to solve the scalability trilemma: modularization. Rollups for execution, danksharding for horizontal scaling and data availability, and KZG polynomial commitments for statelessness.

OCKHAM, asshole. When you find yourself making up new fictional entities and arguing about the fictional details of your new fictional entities, you are arguing about the wrong question. Instead of counting the fictional angels with superfancy math, you should be asking whether any of this shit is necessary. What problem does bitcoin solve? What does it do that previous mechanisms didn’t do? The answer to those questions is simple.

The problems are (1) NSA wants more power (2) JPMorgan wants more money. Bitcoin solves both problems. Those are the ONLY problems it solves.

What does bitcoin do? It makes every transaction hugely less efficient and hugely more expensive, and the expense ends up in JPMorgan’s pocket.

That’s all.


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Later after rereading, I wasn’t clear enough on decentral vs central. I covered the question more thoroughly in 2018.