worse, they pose a threat to economies all over the world
It would be a mistake to focus strictly on Musk. The PayPal Mafia members, Peter Thiel and David Sacks are represented in the WH. Thiel through JD Vance and Sacks as "crypto czar".
But US libertarian wealth is dedicated to overthrowing national governments and ruling on their ashes. They want to replace the worlds nations for the passport of cities. They are absolute rulers of. This is their idea of a libertarian utopia.
Anyone who is dealing with finance internationally has to understand these guys intend to destroy the dollar and intend to destroy national currencies, replacing it with crypto they control.
--
Bitcoin is marketed as a currency that respects a simulated form of resource constraint that is independent of (state actor) manipulation. Both of these ideas are nonsense.
Resource scarcity predicated on a designed limit of minable coins for the blockchain. The number of coins that can be mined follow a power law with a limit of 21 million coins due to be exhausted in 2140. 19 of the 21 million have already been mined. Chinese data centers aggressively mined bitcoin early, when coins were easy to extract. The CCP banned mining some time ago. Today, the largest miners are US and Russian. They are picking through the thinnest tailings.
Chinese traders are very active in trade washing bitcoin to sustain its price. But American crypto scammers like Michael Saylor are busily pumping his own company's valuation through bitcoin. In all crypto, one thing remains constant, dollars go into a shell game, suckers and digital tulips come out
Another pillar of the coin's legitimacy is the blockchain, the consensus ledger. The ledger might be distributed, yet a few very large players control the majority of the resources used to audit and maintain Bitcoin's blockchain. It is the consensus of multiple auditors that are supposed to grant the system its legitimacy. The most important auditors can still elect to fork the ledger, doubling their holdings instantly.
Bitcoin has already forked into bitcoin and bitcoin classic.
I don't think I need to explain the problems that rise when there are two ledgers and no central authority to adjudicate which copy is legally binding. Bitcoin has been designed to escape that kind of constraint.
--
The PayPal Mafia and a number of international actors are a coalition of negatives, who each have their own motivations for taking out the dollar. These revolutionaries are treacherous and no one's friend.
"And I will tell you this: there are things worse than I. But you won't meet them because by then I will have killed you."
Hey Philip…that is such a useful and succinct summary of what the crypto crowd are up to…I may nick some of it for the book, with due accreditation, if you agree…But really thanks…we all need to understand this giant scam a little better...
I've seen some really interesting takes on this including 1) crypto is a way to rob the Fed - i.e. by exchanging the crypto for gold bullion at the Fed before the inevitable collapse happens 2) same-ish idea, from Steve Bannon talking to NYT, that the whole Government capture thing is about a tech bailout. We all know the crazy house of cards (the 'magnificent 7') is over-valued, possibly 100 fold, so Bannon suggests that capturing the Gov is how they'll get back-stopped when it happens 3) there's the really scary TESCREAL stuff which is what you allude to. That the bros are preparing for a crazy world of City states run as top down corporations, where rule of law / human rights / democracy is all gone and everything is subject to the whims of their global capitalist elite. I mean - I'd say we're already 40% of the way there on that project but they want to go further and have their own currency which is basically an energy sink. Gold is dead energy but bitcoin mining is very much live energy producing nothing of productive value other than more invisible clothes.
The project seems to be very well thought out and yet so crazily mad and anti-science that you wonder how such "smart" people got to this point. Perhaps they put it into ChatGPT and were told "that's a fascinating idea". It's clear that they want to hoard the world's energy supplies to get them off planet but even their tiny minds must surely recognise that they won't be able to colonise and replicate the wonderful, beautiful organic environment that we have thanks to billions of years of natural selection? What the hell are they going to do on their nasty, barren planets other than mine lithium? And who are they going to sell their batteries to when all the humans who fail the Musk purity test (how well can you code?) are put into camps? We have been here before. So Many Times. Cultural elite decides to crush perceived lesser groups, grab all the resources of their neighbours and enslave surplus humans for food production. But every lesson from history is that civilisations only perpetuate if they can summon enough variety to recombine ideas and make (adaptive) new things. The reason the West is collapsing is because we gave up on that and printed money instead.
And even more depressing way worse news, The 25-year-old something is currently hacking his way through the payment system of the treasury department the payment system driven largely by very complex business logic. So as we speak, the payment system of the United States is being screwed over. But for the department’s engineers, who are trying to keep the system from crashing altogether, the world‘s richest man is having his little underlings mess around with the treasury department.
The short answer to this is: yes
worse, they pose a threat to economies all over the world
It would be a mistake to focus strictly on Musk. The PayPal Mafia members, Peter Thiel and David Sacks are represented in the WH. Thiel through JD Vance and Sacks as "crypto czar".
But US libertarian wealth is dedicated to overthrowing national governments and ruling on their ashes. They want to replace the worlds nations for the passport of cities. They are absolute rulers of. This is their idea of a libertarian utopia.
Anyone who is dealing with finance internationally has to understand these guys intend to destroy the dollar and intend to destroy national currencies, replacing it with crypto they control.
--
Bitcoin is marketed as a currency that respects a simulated form of resource constraint that is independent of (state actor) manipulation. Both of these ideas are nonsense.
Resource scarcity predicated on a designed limit of minable coins for the blockchain. The number of coins that can be mined follow a power law with a limit of 21 million coins due to be exhausted in 2140. 19 of the 21 million have already been mined. Chinese data centers aggressively mined bitcoin early, when coins were easy to extract. The CCP banned mining some time ago. Today, the largest miners are US and Russian. They are picking through the thinnest tailings.
Chinese traders are very active in trade washing bitcoin to sustain its price. But American crypto scammers like Michael Saylor are busily pumping his own company's valuation through bitcoin. In all crypto, one thing remains constant, dollars go into a shell game, suckers and digital tulips come out
Another pillar of the coin's legitimacy is the blockchain, the consensus ledger. The ledger might be distributed, yet a few very large players control the majority of the resources used to audit and maintain Bitcoin's blockchain. It is the consensus of multiple auditors that are supposed to grant the system its legitimacy. The most important auditors can still elect to fork the ledger, doubling their holdings instantly.
Bitcoin has already forked into bitcoin and bitcoin classic.
I don't think I need to explain the problems that rise when there are two ledgers and no central authority to adjudicate which copy is legally binding. Bitcoin has been designed to escape that kind of constraint.
--
The PayPal Mafia and a number of international actors are a coalition of negatives, who each have their own motivations for taking out the dollar. These revolutionaries are treacherous and no one's friend.
"And I will tell you this: there are things worse than I. But you won't meet them because by then I will have killed you."
Faith of Our Fathers by Philip K Dick
Hey Philip…that is such a useful and succinct summary of what the crypto crowd are up to…I may nick some of it for the book, with due accreditation, if you agree…But really thanks…we all need to understand this giant scam a little better...
You have probably already seen it, but "Line Goes Up" is amazing on cryptos and NFTs. It is funny and enraging in equal measure:
https://youtu.be/YQ_xWvX1n9g?si=IKM5XxVHxJCaSRgR
I've seen some really interesting takes on this including 1) crypto is a way to rob the Fed - i.e. by exchanging the crypto for gold bullion at the Fed before the inevitable collapse happens 2) same-ish idea, from Steve Bannon talking to NYT, that the whole Government capture thing is about a tech bailout. We all know the crazy house of cards (the 'magnificent 7') is over-valued, possibly 100 fold, so Bannon suggests that capturing the Gov is how they'll get back-stopped when it happens 3) there's the really scary TESCREAL stuff which is what you allude to. That the bros are preparing for a crazy world of City states run as top down corporations, where rule of law / human rights / democracy is all gone and everything is subject to the whims of their global capitalist elite. I mean - I'd say we're already 40% of the way there on that project but they want to go further and have their own currency which is basically an energy sink. Gold is dead energy but bitcoin mining is very much live energy producing nothing of productive value other than more invisible clothes.
The project seems to be very well thought out and yet so crazily mad and anti-science that you wonder how such "smart" people got to this point. Perhaps they put it into ChatGPT and were told "that's a fascinating idea". It's clear that they want to hoard the world's energy supplies to get them off planet but even their tiny minds must surely recognise that they won't be able to colonise and replicate the wonderful, beautiful organic environment that we have thanks to billions of years of natural selection? What the hell are they going to do on their nasty, barren planets other than mine lithium? And who are they going to sell their batteries to when all the humans who fail the Musk purity test (how well can you code?) are put into camps? We have been here before. So Many Times. Cultural elite decides to crush perceived lesser groups, grab all the resources of their neighbours and enslave surplus humans for food production. But every lesson from history is that civilisations only perpetuate if they can summon enough variety to recombine ideas and make (adaptive) new things. The reason the West is collapsing is because we gave up on that and printed money instead.
Thank you Claire…lots to digest here.
I am really grateful that you explain stuff I should know in simple understandable sentences. Thank you
Gee thanks Dave…Its why I’m here…and so pleased you find it useful...
And even more depressing way worse news, The 25-year-old something is currently hacking his way through the payment system of the treasury department the payment system driven largely by very complex business logic. So as we speak, the payment system of the United States is being screwed over. But for the department’s engineers, who are trying to keep the system from crashing altogether, the world‘s richest man is having his little underlings mess around with the treasury department.
https://talkingpointsmemo.com/edblog/musk-cronies-dive-into-treasury-dept-payments-code-base
Thanks for sharing that and the link...