“Who is the other side of these trades?” is one of the most interesting and least covered stories in a mania.https://twitter.com/nathanielpopper/status/1031574913511915520 …
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I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.
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Patrick McKenzie Retweeted Nathaniel Popper
“Who is the other side of these trades?” is one of the most interesting and least covered stories in a mania.https://twitter.com/nathanielpopper/status/1031574913511915520 …
Patrick McKenzie added,
I have a feeling that techies of my acquaintance will feel uneasy about the notion that their lambo was bought by the victim of an investment scam. And one of the innovations of Bitcoin is that it creates a scam where every participant can semi-plausibly deny scamming.
The early adopter who sold their Bitcoins never talked to this woman. The US exchange never did either and had florid disclaimers about investment risks a few pixels below the place where they let you buy Bitcoins on a credit card. The Korean exchange had “regulatory uncertainty”
Now if you’ve actually followed this you know the industry is in fact crooked as a barrel of fish hooks and features *exactly* the same people (individuals and types) who usually run investment scams, including (I assume without fear of contradiction) in Korea, but it is deniable
In other news, Bitcoiners write letters to the SEC asking them to approve Bitcoin ETFs so that retail can purchase them in IRAs. That’s a literal thing. The person writing that letter wrote that this would improve prices. That person is the regulatory shock troop of a scam.
It is kind of amazing that you can create a codebase which births a memeplex which convinces uninvolved humans “I should advocate for this memeplex to the SEC.” That’s the core innovation of the Satoshi scam. We’ll be dealing with variants of it for a thousand years.
The scam rides on the same rails blazed by startups, having optimized out all value creation in favor of virulency. It learned the right words. It whispered them in the ears of the right people. It found its converts, some for love and some for money and some for the lulz.
For someone as smart and independently minded as you, I'm pretty surprised you're blind to the fundamental value decentralized currency brings to the world. BTC is like the internet in the 90's -- full of scams and shadiness. But, tremendous upside for humanity.
Where is the value?!? The first email ever sent other than to test email created value. I had a hobby blog as a middle schooler in 1996 that created value. I downloaded the Warcraft 2 demo because there was no CD for it in my state and that created value. It’s been ~10 years!
Ten years and billions of dollars and nobody had created *even a beloved toy*.
The beloved toy is BTC itself. Enables transactions outside of state control, or where there is no stable gov/currency. Think remittance for the ex-pat worker, store of value for citizens of Turkey/Venezuela/Argentina/the next gov to devalue... not problems we have in the U.S.
There are also illegitimate markets where it has a proven use case. Illegal, but definitely part of the economy with high demand. Ie: Silk Road.
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