We are all addicts
How to stop addiction? Keep buying the dip?
Crypto was the first asset class to break under a tighter economic environment. We now have almost all the bottom signals in crypto, but degens are still flocking to complete shithole projects and continuing to gamble with leverage. We are all programmed to “buy the dips” in every asset class. This crypto run was the peak of the clown world of finance. Is this the bottom? I don’t know. Will the global economy enter a full recession? I hope not. What happens to crypto if we do? Human greed will never die.
It was all just a big gambling bet for retail and institutions.
We hoped that magical institutional smart money would pour into crypto and make everything magically flourish. Instead, they were just Wallstreet rejects pulling scams, pumping, and dumping, and in the end, even stupider than your average retail crypto investor. They could have made so much money by running their business legitimately, and how they fucked it up blows my mind.
Crypto doesn’t impact the “real world” or economy. Did cryptos contribute anything to global growth? No. It was all just gambling and speculation. Maybe next time, we will have some actual use cases. This time, it was just massive speculation.
In the long run, this web-based imagination will become a reality. How, when, and why? I don’t know. Once we get to the point where the average consumer doesn’t even realize they are using crypto, Maybe some play-to-earn games will start it.
BITCOIN is not crypto.
Crypto was the peak of the clown world. Decades worth of monetary easing since 2008 peaked in the form of cryptocurrency, riddled with outright scams and vaporware.
The moral-hazard of bankers led to the most gigantic blowup in history of finance in 2007-08. We lost our way; nowadays, we see moral-hazard everywhere we look. Just buy the dip, and we will be saved. Unfortunately, we are programmed to buy the dip.
There is not even any creative destruction in the real economy today. It is normal to go tits up, get back up, and start again; sometimes, you are jobless, learn a new craft, and so on; it’s just life. Destroy the old and create new and better solutions. At least the cryptocurrency has its cycles, and shit gets destroyed. Maybe we have some hope. Our “real economy” is full of zombies, zombie companies, zombie governments, and mindless zombie consumers just consuming the world away. The Qatar World Cup is a perfect example of the moral hazard that plagues our economy. Billions of dollars are being wasted on a tournament that will have zero positive impacts on the world, built on the backs of slaves.
Bitcoin is the hope.
Bitcoin is not crypto. Crypto is the peak of FIAT clown world ways, is it all so bad, though? No, just 99%. People should trade what they want; I don’t care. We have shady and outright scammy companies listed on the stock market, so why not have +10,000 coins or whatever? May there be competition and all roads lead to Bitcoin anyway.
Cryptos will be regulated. We had offshore casinos that avoided all regulations and are now tits up and gambled all customers’ money.
Our FIAT/credit system is pure garbage. It is driven by moral-hazard. Central banks are the reason this cancer is spreading. The next step is the CBDC (central bank digital currencies). This is where Bitcoin shines. I have my doubts still for mass adoption:
Consuumers are extremely weak, doing whatever the state says. Here in Finland majority even wanted more restrictions and more covid passes and more things like China.
What surprises me the most is that these people haven’t regretted what they said and demanded; it was a mistake. Instead, let’s move on “Let’s support the current thing”.
Grow a pair, please.
We need Bitcoin at least to keep our governments and central banks honest. Yes, you have to take self-custody of part of your wealth. It’s a hard, but necessary step to take to make you stronger and more confident.
It is never too late to start. Bitcoin is one of the most incredible innovations of our time, and it’s never too late to adopt it. Ever heard somebody regret started using the internet? The price doesn’t simply matter; start learning and start embracing it. Bitcoin is the best savings technology in the world. End the neverending greed loop, work hard and stack some sats.
Read:
https://dergigi.com/2022/11/19/dear-crypto-fiat-bros/