Stop Drinking the Elite’s Kool-Aid | Hacker News Reader

Stop Drinking the Elite’s Kool-Aid

bitcoinmagazine.com

14 pointsLaaas9 comments

This is a message that will stay in the bottle.

50% of what you need to know about cryptocurrency is in this book

https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusion...

It would be enough if the will to illusion wasn’t so strong, so most people will need to see that people have said ‘this time is different’ many many times only to be wrong.

It is ‘low information’ and won’t tell you how to time the market so you can sell to a greater fool, but it does predict reliably that it ends in tears.

Speaking of drinking Kool-Aid ... bitcoinmagazine.com? I genuinely wonder what their take on the subject of virtual currencies is?

We already have a few dominant imaginary, virtual currencies and they're issued by the central banks of the world.

This is the president of El Salvador.

He's using misleading 2021 growth percentages to pump up his argument, because 2021 came after 2020 was heavily hit by the pandemic. Better comparisons would be to 2019(even though temporary pent up demand still makes it look better) but you won't see him make that.

Also not sure GDP is a good metric, maybe the yearly govt budget? Still a relatively small number I suppose, but pegging your country's currency to the volatile btc price subject to even easier manipulation by the so called elite seems to be a bit much.

Comparing it to the government's budget is probably much better (https://tradingeconomics.com/el-salvador/government-budget-v...), but it still doesn't seem _that_ big in comparison.

I think it's safe to say the country isn't in shambles due to the Bitcoin experiment though.

A good summary of the Elite’s control of essentially all media, and a gullible population that believes Million / Billion / Trillion are pretty much equivalent (just “a lot”), lead to them stoking public opinion against eg. El Salvador.

They hedges their bets by putting 0.2% of their GDP into Bitcoin.

The Elites cannot allow this. All viable “fire exits” allowing exit from the internal ”Fiat” plantation must be chained shut.

I’ve been predicting the implosion of the shockingly silly crapcoin “yield farming” charade for over a year now. The fact that there are otherwise intelligent people who still think this was somehow “DeFi” is both shocking and depressing.

I adjure you all — find out what DeFi actually is. And Bitcoin maxis - take some responsibility: BTCs lack of DeFi capability is at least partially responsible for pushing people to use and trust “exchanges”.

Added context to the title because of the uninformative title.

LOL El Presidente's bags must be getting heavy

Bitcoin is nothing and will never be anything outside of a Ponzi scheme.

It's useless when fiat still exists (along with the governments to back it). And if the Atomic Holocaust arrives, good luck buying your way out of Warsaw Ghetto with some stupid numbers stored on distributed hard drives when the infrastructure has been reduced to smoking shreds.

The stupidity is in insisting that Bitcoin is a ponzi scheme, like some sort of parrot that only knows how to repeat words heard from others without thinking of context or mechanics. Many people have used BTC for their own ponzi schemes (just as many have used dollars for the same) and many much newer crypto tokens and projects have indeed been ponzi schemes, but Bitcoin itself, no. It's a mathamatical protocol that can be used for bad or good or anything in between. Since it's not owned by any one person or group and doesn't even at all fit the literal definition of a ponzi scheme (look it up, it takes just a few seconds, most definitions mutually agree), saying that it is a ponzi scheme demonstrates, ignorance,, stupidity at basic definitions, emotionally hateful dishonesty or a mix of all three.

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