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The fiat scheme is the bigger ponzi. It's already the case that to earn any decent income in the fiat ponzi, one must have special social connections to busines

The fiat scheme is the bigger ponzi. It's already the case that to earn any decent income in the fiat ponzi, one must have special social connections to business leaders and/or politicians. It's just like under communism. I don't even like Bitcoin and don't own Bitcoin because I have ethical concerns about it. Bitcoin promotes corruption of the socio-political system via extreme, massive-scale tribalism. That said, it's probably the lesser of two evils. As an outsider, it's ironic to witness fiat proponents neglect the power of corruption which they themselves have been benefitting from to a far greater extent than Bitcoiners. The side which can exert the most corruption (the will of their tribe), most quietly, will win. Likely Bitcoin since it has the support of the masses and business leaders. Fiat proponents can only blame themselves. They're the ones who made Bitcoin possible with their global ponzi. I don't like the current system and I also don't particularly like where it's going but the trajectory is clear.

alchemist1e9 3y ago
> Bitcoin promotes corruption of the socio-political system via extreme, massive-scale tribalism. Could you elaborate on what you mean and the mechanism for this?
- jongjong 3y ago
  The usual stuff. Political and corporate bribery and extortion. Bitcoin is great for that. Made all the better by the fact that many bribe recipients cannot access their Bitcoins in the current system due to government surveillance of exchanges. This creates an incentive for insiders to take down the current socio-economic system. Just as a short seller has an incentive to see the company crash. They will have no issue accessing their Bitcoins once current governments have collapsed or become sufficiently corrupt. I've witnessed crypto regulators behave in corrupt ways, but it's impossible to prove bribery until they move or sell their ill-gotten crypto. Because, with crypto, you can receive tokens without your own approval. Someone could send you the passphrase of a wallet containing millions of dollars worth of Bitcoin, it could end up in your email spam folder and you could memorize it and, if ever questioned about it, claim you don't remember seeing that email. There would be zero evidence. Yet if you remember the passphrase, the Bitcoin is yours.
  - lupire 3y ago
    The market cap of Bitcoin is 99% not self custodial with keys people still have control of, not counting Satoshi'd hoard that might or might not be accessible. All the new ETF interest in Bitcoin is just digital beanie babies. Without the tradfi system, there would be almost no demand for Bitcoin, which completely undermines its alleged purpose. If you want cryptocurrency, Bitcoin isnt it.
    - BLKNSLVR 3y ago
      It's not possible to start a new currency system without reference to, dependence upon, and transfers with, the existing currency system - especially given that the existing system is so entrenched due to its extensive history. Given Bitcoin's reason for existence, it's obvious for another reason that "without the the tradfi system, there would be almost no demand for Bitcoin": if everyone trusted that tradfi was a good system and working fairly for all members of society then bitcoin wouldn't have a reason to exist. Bitcoin, like Trump's popularity, is an FU to a system that's reaching or reached a critical mass of people lacking trust in it. And that doesn't mean it's good or bad or better or worse, what it means is that people are looking for an alternative to the perceived hopelessness of their futures if they 'stay the course'.

alchemist1e9 3y ago

> Bitcoin promotes corruption of the socio-political system via extreme, massive-scale tribalism. Could you elaborate on what you mean and the mechanism for this?

jongjong 3y ago
The usual stuff. Political and corporate bribery and extortion. Bitcoin is great for that. Made all the better by the fact that many bribe recipients cannot access their Bitcoins in the current system due to government surveillance of exchanges. This creates an incentive for insiders to take down the current socio-economic system. Just as a short seller has an incentive to see the company crash. They will have no issue accessing their Bitcoins once current governments have collapsed or become sufficiently corrupt. I've witnessed crypto regulators behave in corrupt ways, but it's impossible to prove bribery until they move or sell their ill-gotten crypto. Because, with crypto, you can receive tokens without your own approval. Someone could send you the passphrase of a wallet containing millions of dollars worth of Bitcoin, it could end up in your email spam folder and you could memorize it and, if ever questioned about it, claim you don't remember seeing that email. There would be zero evidence. Yet if you remember the passphrase, the Bitcoin is yours.
- lupire 3y ago
  The market cap of Bitcoin is 99% not self custodial with keys people still have control of, not counting Satoshi'd hoard that might or might not be accessible. All the new ETF interest in Bitcoin is just digital beanie babies. Without the tradfi system, there would be almost no demand for Bitcoin, which completely undermines its alleged purpose. If you want cryptocurrency, Bitcoin isnt it.
  - BLKNSLVR 3y ago
    It's not possible to start a new currency system without reference to, dependence upon, and transfers with, the existing currency system - especially given that the existing system is so entrenched due to its extensive history. Given Bitcoin's reason for existence, it's obvious for another reason that "without the the tradfi system, there would be almost no demand for Bitcoin": if everyone trusted that tradfi was a good system and working fairly for all members of society then bitcoin wouldn't have a reason to exist. Bitcoin, like Trump's popularity, is an FU to a system that's reaching or reached a critical mass of people lacking trust in it. And that doesn't mean it's good or bad or better or worse, what it means is that people are looking for an alternative to the perceived hopelessness of their futures if they 'stay the course'.