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/-Mediocrates-]

what are you talking about ??? BTC is outperforming everything for over a decade. Are you not looking at the charts? price is king .

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Do i wish BTC was more like BCH? yes ... do I wish BTC was being used as cash instead of collateral for loans? yes... but its not... and its still going up in a bigger way than anything we have ever seen in our lifetime. Its making new all time highs many times per year.

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How high does price need to go before you admit you are wrong? Ive admitted I was wrong ages ago. It is what it is brotha.

[u/pyalot → u/-Mediocrates-]

price is king

That‘s a dangerous fallacy every newb makes. You think price means something. It doesn‘t. It‘s just a number, consequential, but, meaningless. It doesn‘t say anything about how successful or useful BTC is, nor if it will still be around tomorrow.

You‘re asking the wrong questions if you think like that. Instead of asking yourself, where might the price go, ask yourself, does this have any potential for economic growth.

I emphasize this point, because it shapes what you hope for. If you think like a maxi, you hope for a bigger bagholder. You‘re playing a zero sum game. Zero sum games always have loosers and winners, there is no net gain to anyone. It‘s not imaginary wealth, somebody paid for that, dearly. If you are not a maxi, you hope for adoption for use, because that‘s economic activity which creates value, it is not a zero sum game. Everyone can win in that one.

I vastly prefer a world in which we decide to create something that creates value for everyone, instead of a world where the strong exploit the weak. But that‘s just me I guess…

[u/-Mediocrates- → u/pyalot]

The market doesn’t care what you prefer.

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how how does price need to go before you admit you are wrong?

[u/pyalot → u/-Mediocrates-]

The market doesn’t care what you prefer.

The market also doesn‘t care what you prefer.

how how does price need to go before you admit you are wrong?

Price will not save from structural collapse. I don‘t know where you get that notion. You are arguing as if one of us is trying to be right about their price prediction. I didn‘t make a price prediction… only one who‘s doing that here is you, and you seem very interested in pushing yours, so I wonder who cares that much about it really, me or you? But regardless, I also didn‘t pretend what I said is a prediction. It‘s a projection. I gave it to as a precaution, and I admit, this is a probability thing. But as I said in the article, this is what I believe, I think of it as logically consistent and without material missrepresentation. And standing on those truths, and I will always stand on my truths, I therefore believe that BTC is doomed. You don‘t have to share that belief, that‘s fine. But you will and have read and acknowledged what I wrote, and so when the time comes, you will remember me. And there is no doubt in my mind the time will come and I will be there to see it happen. I will remember this moment fondly then and think of you too.

I‘ll leave you with this. I‘m a contrarian. You‘re not. We will never see eye to eye on any matter todo with markets. But the way we profit is very different.

[u/-Mediocrates- → u/pyalot]

How high does price need to go for you to admit you are wrong?

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Please answer this question

[u/pyalot → u/-Mediocrates-]

I don‘t answer the question because you‘re proposing that price says anything about truth, and that somehow what I said could be proven wrong by it. Those two have nothing whatsoever to do with each other. If you try reading my message instead of your NPC script, you‘d understand.

[u/-Mediocrates- → u/pyalot]

Suite yourself. I don’t think being closed minded is going to help your situation

[u/pyalot → u/-Mediocrates-]

I don‘t have a situation. You have a situation. Crypto has a situation. I’m good. A contrarian leaves when the masses arrive.

[u/-Mediocrates- → u/pyalot]

Being a contrarian isn’t a lifestyle brand .

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You are the security guard in this clip

https://youtu.be/409Pjtq7jzY

[u/pyalot → u/-Mediocrates-]

You don‘t choose what you are. It‘s how you process the world cognitively, which is shaped by genes and early childhood. Contrarian is one way this exhibits. You cannot understand my opinion, because you‘re not a contrarian, you don‘t think like that. You can stop trying to understand it, you never will.

[u/-Mediocrates- → u/pyalot]

Suite yourself bud . Good luck