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this post was submitted on 18 Aug 2023
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Yeah, I'll just unlearn all the monetary theory books I read because, trust me bro money is worthless. I got this new money, it's worth more money. I see now.
Didnt you know that a 27 year old technobro is smarter than generations of monetary systems built upon since the dawn of man? Lol
The society built on those monetary systems is literally destroying the planet. The history of those monetary systems is of the ruling class debasing currency and seizing as much value under the eyes of the law as possible for their private benefit going back thousands of years. Our entire legal system grew out of the Roman Empire, European feudalism, British Empire and then the slave-built corporatist state of the U.S.
Is your argument that "tradition must be right"? Slavery is traditional, war is traditional, pollution is traditional, animal agriculture is traditional, oppression is traditional, class hierarchy is traditional.
They're all anti-capitalist until they want to bitch about cryptocurrency.
Yeah, "give me anything but an alternative to the thing I hate". Reminds me of people who talk all day about global warming but, god forbid they have to eat a veggie burger instead of having an entire 10x as wasteful mode of production dedicated to bringing animals to their plate.
Thinking cryptocurrency is just a new dollar built on a ponzi scheme has nothing to do with supporting modern capitalism. New money has all the same issues as old money. Which it will be exchange for and values with. This entire circle jerk is ridiculous.
You know who owns a ton of the Bitcoin? Hedge funds and investment banks. You're supporting a system built on burning a whole bunch of fossil fuels to create a few lines of code that can be horded by the same people who horde all the wealth. You aren't changing shit.
Want to change something? Got get a gun and become a domestic terrorist or something. You aren't changing the world by buying crypto.
Blocking you dude, this is getting obnoxious.
Hey, the guys who never took an econ class know more than you. Trust me bro. It's amazing. It will change the world.
Public has started to realize what a joke the entire concept is. The true believers are all so mad now. Hopefully new investors dry up soon and the entire clown show can collapse with no new money flowing in (you know how a ponzi scheme goes bust).
Am I supposed to treat this like a good faith comment? Let's assume you're wrong, how would I even reply? It's basically "no u".
If you really know so much about monetary theory I'd expect you to lead with what you actually know, not just vaguely allude to how much you know. Right?
I'd expect that I wouldn't want to waste time trying to convince a brainwashed crypto bro or that I give a single fuck past making fun of you.
Here's some super basics of almost all monetary economic theory. Currency is a medium of exchange. It's velocity (or rare it moves through the economy) is a vital measure of the health of the economy and effectiveness of the currency. How easy is it to go buy something with Bitcoin, and how fast is it moving through hands in an economy? Oh, it's a joke as a currency you say? Description of how it is being used sounds exactly like a ponzi scheme for some reason.
See to everyone else, it's very, very obvious why it's a ponzi scheme. It will collapse someday. As it's only real use is as a very ineffective currency. Somehow people like you have made that worth tens of thousands of dollars to each other.
See, this is the classic bad faith anti-blockchain argument. Article we're talking about is about NFTs, which are based on Ethereum, an extremely sophisticated blockchain with proof-of-stake, smart contract capability, and a huge infrastructure of people who've built economic machinery on top of it and are using it actively. But you want to prove your point, so you cherry-pick Bitcoin, the very first "proof of concept" blockchain which has essentially had active development halt because the creator wanted anonymity, vanished into thin air, and the developers working on it largely refuse to hard-fork it, so which has no real smart contract capability, still uses wasteful proof-of-work, etc.
It's not "obvious" that it's a ponzi scheme, it's the point you want to make so you're just bending the facts and cherry-picking things to try to prove it. I'm not impressed. And tossing "monetary velocity" out there as a term isn't making me think you're some brilliant economist - if anything, monetary velocity is an overstressed concept in modern econ because the government sits around trying to manipulate it via interest rates instead of letting people's actual spending priorities dictate how the economy works, leading to a consumerist frenzy and catastrophic boom/bust cycle.
Oh no, I used super basic short terms to explain something to someone I think is a moron. Let me detail flaws in every digital currency, NFT and type out an entire book for you cuz I give a fuck. I look forward to laughing at the collapse and truly believe all of you are beyond educating. So, yes I am arguing in bad faith. I don't think you get that. Thought that was super obvious.
Well, maybe some day we'll all catch a glimpse of your true brilliance.
Never claimed to be brilliant, just said I'm not stupid enough to be unable to realize what is a clear ponzi scheme.