Hey I don't have the energy to write a long thread on why this current Bitcoin "rally," is not a real rally, so I'm going to lazily do this in one post:

* BTC is still a failed currency. No one buys anything with it. It's still slow and bad.
* The trading patterns are still weird. More whale and exchange nonsense.
* Anyone telling you to buy BTC now, probably lost a ton of money on NFTs, FTX, Luna/Terra, Axie, DAOs, or all of the above. Their judgement is bad.

#BlackMastodon #BlackTechMastodon

@mekkaokereke

Here's the thing, folks.

is 99% of cryptocurrency uninformed and/or scammy bullshit? Yes.

But the tech *provably* works, and I've learned to ALWAYS bet on tech in the long run.

And alternative currencies are going to look better and better given this economy.

Get educated and consider trying it out. It ain't going away.

@jrm4 @mekkaokereke “In other words, it promises nothing as a running yield and never matures with a required terminal payment. It follows that it cannot suffer a run. The only way a holder of bitcoin can cash out is by a sale to someone else.”

@Chimaera @mekkaokereke

Why do people post this quote as if it means anything? THIS LITERALLY DESCRIBES EVERY FINANCIAL INSTRUMENT

@jrm4 @mekkaokereke semantics aside, currencies don’t actually work that way but ok

@Chimaera @mekkaokereke

Which is why I didn't say the word "currency" and mostly agree that it doesn't make a good "currency."

There are other things related to money that you can exchange for money that aren't currencies.