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Crypto is "cult by design" in much the way all greater-fool scams are. Namely, since coins are incredibly deflationary, wealth accumulates to a small number of

Crypto is "cult by design" in much the way all greater-fool scams are. Namely, since coins are incredibly deflationary, wealth accumulates to a small number of early-stakers whilst the long-tail people buying-in provide their liquidity (/cash) so they can exit at an extreme multiple of buy-in. Everyone is relying on "more fools" to create a longer-tail from their stating position so they can exit higher. Meaning, whatever position you enter at, you have to evangelise like crazy. I dont think anyone has ever yet explained how this is meant to function as a currency. Indeed, crypto people are dead-set on explaining everything except how this works as a currency. Long-and-short of it: extremely deflationary assets are terrible currencies.

deleted 5y ago
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sunshinerag 5y ago
Exit to what? And why?
- mjburgess 5y ago
  Well if tesla accepts bitcoin, exit to telas. The vast majority of wealth in the system is had by early-stakers. So accepting bitcoin doesnt mean you or I get to buy a tesla. It means someone who bought-in 10yrs ago gets to buy 20. A nice exit.
- yunohn 5y ago
  How are you able to spend on things like housing and food in your day-to-day? Surely you’re exiting some of your invaluable crypto savings to pay for things. Assuming you are a pure-crypto person, and not a fiat-using heretic.
blablabla123 5y ago
I think Bitcoin also lives from the fact that there is complex Mathematics and Financial reasoning behind that usually nobody thinks about because it just works. (Great cult material) So any time someone explains Bitcoin to an outsider, the outsider will be overwhelmed by unverifiable facts and astonished by people who made a lot of money with it. Also I don't buy anymore that Bitcoin is resilient to inflation. Inflation is a financial symptom but caused by a failing real economy. Dividing out the inflation just leads to other malfunctions...
strathmeyer 5y ago
Why would someone need to explain how a currency functions as a currency? If you're too dumb to get it, that's on you.

deleted 5y ago

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sunshinerag 5y ago

Exit to what? And why?

mjburgess 5y ago
Well if tesla accepts bitcoin, exit to telas. The vast majority of wealth in the system is had by early-stakers. So accepting bitcoin doesnt mean you or I get to buy a tesla. It means someone who bought-in 10yrs ago gets to buy 20. A nice exit.
yunohn 5y ago
How are you able to spend on things like housing and food in your day-to-day? Surely you’re exiting some of your invaluable crypto savings to pay for things. Assuming you are a pure-crypto person, and not a fiat-using heretic.

blablabla123 5y ago

I think Bitcoin also lives from the fact that there is complex Mathematics and Financial reasoning behind that usually nobody thinks about because it just works. (Great cult material) So any time someone explains Bitcoin to an outsider, the outsider will be overwhelmed by unverifiable facts and astonished by people who made a lot of money with it. Also I don't buy anymore that Bitcoin is resilient to inflation. Inflation is a financial symptom but caused by a failing real economy. Dividing out the inflation just leads to other malfunctions...

strathmeyer 5y ago

Why would someone need to explain how a currency functions as a currency? If you're too dumb to get it, that's on you.