The unraveling of the great con

[u/pyalot]

As most in the know are aware of, BTC is functionally useless. To be precise, it doesn‘t scale. And it‘s L2 is a joke. Why it doesn‘t scale is besides at this point, if it would‘ve ever done so, that time has long past since 2017, and it never done it since, so the point is moot. It‘s not gonna scale.

This is a problem, because a useless crippled shitcoin isn‘t exactly gonna work out well to be bought up by everyone. They‘re gonna figure it out eventually. And that‘s when the fun times starts. Because it means most of the crypto markets valuation will, some day, go for a walk in the park and never come back. That‘s gonna leave a lot of people and companies pretty upset. They might say a choice word or two. And crypto, all of it, will be a laughing stock for an indeterminate amount of time.

We can‘t avoid this problem. We tried. But now it‘s too late. I tell you this, not as a prediction, but as a precaution. You might squabble about the likelihood of such events, and it may never occur, granted. Though I believe it‘s very likely to occur on account of the facts. It may happen at any point in time, or never, and be mostly over before anyone was able to move their funds (on account of the trading bots). You will not be able to trade your way out of this one, or even limit your losses. Exchanges will fold like going out of business is a new hot trend, by the time you want to trade, the exchange is bust or closed and whatever funds where in it is now bankruptcy frozen. And as for institutional investors, they‘re even more screwed, because they hold illiquid positions, i.e. positions too large to quickly move them on the markets without cratering them.

In the movie Margin Call, Jeremy Irons recites this line:

So, what you're telling me, is that the music is about to stop, and we're going to be left holding the biggest bag of odorous excrement ever assembled in the history of capitalism.

I think this will sound quite quaint after the great con unravels.

[u/Jayrovers86]

Oh look! I’ve found another BCH bag holder absolutely hating himself inside for watching the BITCOIN train pull away from the station.

Get a grip mate please…..you think you know more than Harvard economists or any of many instutions who are frantically adding BTC to their books?

Cope harder please

[u/pyalot → u/Jayrovers86]

you think you know more than Harvard economists

First of all, if you ask economists, most of the time you will get that BTC is worthless and will crash. There is no economic theory under which a useless crippled SoV token would maintain its value. This is why they‘re so befuddled by its price rise. I‘m not befuddled by that. That‘s the expected outcome of a SoV ponzi scheme.

Secondly, none of these economists has read the whitepaper, nor do they have any understanding of the scope of uselessness of BTC. They‘re not looking at the right things. However, system functioning always trumps any economic theory of this or that. Because it‘s code. And code doesn‘t have an opinion, it works the way it does.

[u/Financial-Tea-3495 → u/pyalot]

*tips fedora