Haven’t really heard so much about Bitcoin recently after the market crashed and everyone who thought they were going to make millions off crypto went back to talking about IPAs instead, but here’s a really interesting thread explaining why the whole cryptocurrency system is a joke and just a way for rich people to get even richer whilst suckering in regular guys like you and me.
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Not really much point introducing it, so let’s dive right in:
After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.
— Jackson Palmer (@ummjackson) July 14, 2021
The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naive.
— Jackson Palmer (@ummjackson) July 14, 2021
Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person.
— Jackson Palmer (@ummjackson) July 14, 2021
But these days even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry and the ire of retail investors who they’ve sold the false promise of one day being a fellow billionaire. Good-faith debate is near impossible.
— Jackson Palmer (@ummjackson) July 14, 2021
I applaud those with the energy to continue asking the hard questions and applying the lens of rigorous skepticism all technology should be subject to. New technology can make the world a better place, but not when decoupled from its inherent politics or societal consequences.
— Jackson Palmer (@ummjackson) July 14, 2021
I’ve never really thought about cryptocurrency in that way, but everything he’s saying there makes a lot of sense doesn’t it? Still, even if this is the case there is the slight chance for the regular guy like me and you to make a lot of money off it, so I’ll probably still be buying the dip. Gotta shoot your shot. I hate the system.
For more of the same, check out this dark secret behind Bitcoin. Probably should take stock of that as well.
