@billyjoebowers

Air for Money (Part 2 of 2)

"That is exactly what ‘crypto currency’ is - absolutely nothing. And the only reason it currently has any value is because some very foolish people have been convinced that little balloons filled with original air from the big balloon are worth something.

But of course, just like every day air, it has no special value, and when enough people come out of their temporary daze and realize that, it will all collapse like the house of cards it is.

And in fact we're already beginning to see the end of crypto foolishness, because anyone and everyone is now creating their own new big bags of air and selling small bags from them. Rapidly diluting the illusion of ‘rarity.’

Why?

Because it costs virtually nothing to fill a big bag with air."
SearingTruth

@billyjoebowers

Air for Money (Part 1 of 2)

"There is a very simple way of describing the truth of ‘crypto currency’, and by extension its utter worthlessness.

Imagine that someone gets a giant hot air balloon and fills it with ordinary air from the sky, and names it ‘crypto air.’

Now, somehow, he convinces others to perform some task to get, or simply buy, very small balloons filled with a bit of air from the bigger balloon. Claiming it's worth something because eventually the big balloon will run out of air and they will be the only ones with small balloons filled with original air from the big balloon. Making their small balloons of air ‘rare.’"
SearingTruth

@billyjoebowers

#CryptoIsBullshit #GetRobbed

@billyjoebowers @memory Matt Levine, yesterday:

If I told you that US venture capitalists promoted a Ponzi scheme that used a cartoon computer game to steal hundreds of millions of dollars from poor workers in the Philippines and send it to North Korea to fund a ballistic missile program, you probably wouldn’t believe me. Unless I said “… using crypto,” in which case you would probably say “oh yeah that sounds about right.”

#MoneyStuff #MattLevine

@billyjoebowers
I think you are a little off,
When you set cryptocurrencies
same as Companies.

And how do you think it went
When the last round of new assets
Was introduced?