If you want to have a hearty laugh about #Bitcoin through a boomer lens then read the comments in this article: https://www.zerohedge.com/crypto/putin-signs-law-legalizing-cryptocurrency-mining-russia
This stuff is simply beautiful.
Discussion
example:
quote:
"money doesn't go into or out of bitcoin. it is a zero sum Ponzi scheme. its 'price' is just a measure of how much wealth one wants to transfer to another person already playing in the game. when no one wants to play anymore its price will be zero. and you can't hang it on your wall, or feed your dog with it, or put it in a vase. it is the largest most extraordinary game of financial chicken the world has ever seen. the idea that there always will be a price greater than zero because it somehow has some intrinsic value is just wrong. so when the price of bitcoin goes to zero there will be no tidal wave of money coming out. it will just be a recognition that the wealth transfer is over and the folks holding the bag have nothing and it will not affect those already out of the game in the least. they will have already won.
of course all the people playing the game or trying to be compensated for facilitating the game will create any sort of mechanism to promote the game. but that misses the point. the fundamental transaction is a transfer of wealth from someone not in the game to someone that is. all that transaction does is transfer some amount of real wealth from a non-player to a player so that the non-player is now a player and the previous player is out of the game. how much wealth was transferred to play is the price."
...and the same holds true for *any* unbacked cryptocurrency.
That's a lot of words from someone who has no idea what they are talking about. It would make just as much since if you replaced the word bitcoin with the theory of relativity.
He's not wrong :
Heres a comment from it:
"money doesn't go into or out of bitcoin. it is a zero sum Ponzi scheme. its 'price' is just a measure of how much wealth one wants to transfer to another person already playing in the game. when no one wants to play anymore its price will be zero. and you can't hang it on your wall, or feed your dog with it, or put it in a vase. it is the largest most extraordinary game of financial chicken the world has ever seen. the idea that there always will be a price greater than zero because it somehow has some intrinsic value is just wrong. so when the price of bitcoin goes to zero there will be no tidal wave of money coming out. it will just be a recognition that the wealth transfer is over and the folks holding the bag have nothing and it will not affect those already out of the game in the least. they will have already won.
of course all the people playing the game or trying to be compensated for facilitating the game will create any sort of mechanism to promote the game. but that misses the point. the fundamental transaction is a transfer of wealth from someone not in the game to someone that is. all that transaction does is transfer some amount of real wealth from a non-player to a player so that the non-player is now a player and the previous player is out of the game. how much wealth was transferred to play is the price."
...and the same holds true for *any* unbacked cryptocurrency.
Seriously - we need to stop with the "boomer" criticisms - BTC needs adoption to succeed, and getting boomers orange pilled is a big part of that.
Educate and assist your boomer friends--help them turn the corner (rather than ridiculing them). BTC is for everyone (including boomers)!! 😃
I've never understood the focus on "orange pilling". Not only is it some times obnoxious, cringy and annoying but there is also a certain glass ceiling that it will hit because most people simply don't care. Bitcoin will have to prove itself as the better money and be convenient, secure, reliable and all the other things that people love. If broad understanding a monetary system would be corellated with its adoption that would imply that the populace is "fiat pilled" and is therefore using printed up paper notes. This is obviously ridiculous. I'm looking forward to the day where masses of people are installing wallets because they perceive Bitcoin as the better that genuinely helps them to conduct their business in a better and more efficient way and not because of ideological reasons.
Until then I will stay toxic ☣️ and continue to laugh about, redicule and call out:
- boomers
- shitcoiners
- suits
- PM cucks
- statists